TheFunded Founder Institute NewsWelcome to the Founder Institute, where we advance of the science of entrepreneurship.http://FI.co
FI Grad WomyAds Obtains 57 Million Users on their Platform <p dir="ltr"><a href="http://www.womyads.com/" target="_blank">WomyAds</a> has obtained 57 million users on its platform, which was reported in a Portafolio.co article titled &ldquo;<a href="http://www.portafolio.co/negocios/womyads-2015" target="_blank">Colombian Platform achieved 57 million users</a>&rdquo;.</p>
<p dir="ltr"><strong>WomyAds and its Founders Ricardo Gonzalez Vargas and Carolina Cruz Hoyos are Graduates of the <a href="http://FI.co/apply/bogota/blog" target="_blank">Bogot&aacute; Founder Institute</a>. </strong></p>
<p dir="ltr">The company developed a web and mobile platform that connects influential people in social networks with different advertisers. The mission of WomyAds is to solve problems within the advertising industry using new technology for the Latin American and Global markets.&nbsp;</p>
<p dir="ltr">Founded six years ago in Bogot&aacute;, the company has been able to successfully attract an enormous amount of users in Central and South America, and the Caribbean. Due to WomyAds&rsquo;s rapid growth, the company has opened its second office in Miami, USA.</p>
<p><em><strong>For more information on WomyAds&rsquo;s unique service, visit their <a href="http://www.womyads.com/" target="_blank">official website</a>.</strong></em></p>
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<p>&nbsp;</p>Tue, 03 Mar 2015 09:50:00 -0800http://FI.co/posts/13601
FI Grad RushTix Launches at the Launch Festival: A Subscription Worth Leaving the Couch For<p><strong>Silicon Valley Founder Institute Graduate&nbsp;<a href="http://myrushtix.com" target="_blank">RushTix</a>&nbsp;launched at the <a href="http://www.launchfestival.com/" target="_blank">Launch Festival</a> today, in front of thousands of people.&nbsp;&nbsp;</strong></p>
<p><strong>RushTix is the first unlimited subscription service for local arts and culture. </strong>For just $99 a month, subscribers get unlimited tickets and can choose from a list expertly curated events by the RushTix team. Events include everything from theater, ballet, art shows, stand-up comedy, parties, and other amazing and unique experiences.</p>
<p><a href="http://youtu.be/EfjxA9Q31v0?t=2h14m44s" target="_blank">Watch the video of RushTix Founder Jill Bourque's onstage pitch here.&nbsp;</a><br /><br />RushTix is already an award winning service, achieving such honors as Best Mobile App DeveloperWeek Hackathon (2014) and the Founder Showcase Crowdpitch Competition (2014). After a 12-week incubation period where they have been an invite-only service, RushTix was selected by Angel Investor Jason Calacanis as one of 7 companies (out of 150) to launch onstage.&nbsp;</p>
<p>See the RushTix interview at&nbsp;<a href="http://www.launchfestival.com/rushtix" target="_blank">http://www.launchfestival.com/rushtix</a>, and stay tuned for the video of their onstage pitch!</p>
<p><em><strong>Start your FREE trial today and visit their <a href="http://myrushtix.com" target="_blank">official website</a>. </strong></em></p>Mon, 02 Mar 2015 17:20:00 -0800http://FI.co/posts/13611
Webinar: "How To Develop Your Startup Ecosystem", Featuring International Startup Leaders<p dir="ltr"><strong>As the world's largest entrepreneur training and launch program, <a href="http://FI.co/" target="_blank">The Founder Institute</a> has helped launch over 1,350 technology companies across 85+ cities and six continents.</strong></p>
<p>We&rsquo;ve been successful in our efforts, due to the extensive unit of 150+ Founder Institute Directors, who've led chapters worldwide. Local Directors play a central role in their startup ecosystem. They build strong connections, augment the network, and provide mentorship to neophyte founders. With the help of local startup leaders, entrepreneurs are able to navigate their community more&nbsp;efficiently.</p>
<p>If you&rsquo;re passionate about growing your local economy through entrepreneurship,&nbsp;join us on our upcoming webinar, <strong>&ldquo;<a href="http://FI.co/contents/8861" target="_blank">How To Develop Your Startup Ecosystem</a></strong>", hosted by&nbsp;<strong>Adeo Ressi</strong>&nbsp;(Founder &amp; CEO of the Founder Institute, 9X entrepreneur, and Managing Director of Expansive Ventures). Learn how to lead and develop your startup ecosystem from global Founder Institute Directors: <strong>Alan Colmenares</strong> (Director of the Bogota and Medellin Founder Institute, has been crucial in launching chapters throughout all of LatAm) and <strong>Sergio Escobar</strong> (All-star director of the Montreal Founder Institute, Startup Weekend Montreal, and UpGlobal).&nbsp;</p>
<p><span style="font-size: large;"><em><strong>This&nbsp;<a href="http://FI.co/contents/8861" target="_blank">webinar</a>&nbsp;will take place on Wednesday, March 25th at 8:30am PT (<a href="http://www.thetimezoneconverter.com/?t=8:30am&amp;tz=San%20Francisco&amp;" target="_blank">see local time here</a>). <a href="http://us1.list-manage.com/subscribe?u=a67c4487fff22ab8e545f2142&amp;id=adf05505de" target="_blank">RSVP</a> to the Free Webinar Today!</strong></em></span></p>
<p><strong>More about the speakers:</strong></p>
<p><strong><span style="color: #464646; font-size: 20px; line-height: 26px;"><a href="https://www.linkedin.com/in/acolmenares" target="_blank">Alan Colmenares<img style="float: right;" src="http://www.tropicalgringo.com/web/wp-content/uploads/2011/01/alan-colmenares.png" alt="" width="220" height="230" /></a></span></strong></p>
<p><span style="font-family: arial, helvetica, sans-serif;">Alan has found that bringing Silicon Valley to Colombia has only strengthened the local startup ecosystem. Since launching in the first Latin American chapter in 2011, the Founder Institute has helped launch over 75 startups in the region, including such well-known companies as </span><a style="font-family: arial, helvetica, sans-serif;" href="https://app.thotz.co" target="_blank">Thotz.co</a><span style="font-family: arial, helvetica, sans-serif;">, </span><a style="font-family: arial, helvetica, sans-serif;" href="http://igenapps.com" target="_blank">iGenApps</a><span style="font-family: arial, helvetica, sans-serif;">, and </span><a style="font-family: arial, helvetica, sans-serif;" href="http://www.lookup.cl" target="_blank">LookUp.cl</a><span style="font-family: arial, helvetica, sans-serif;">. &nbsp; &nbsp;</span></p>
<p style="font-family: arial, helvetica, sans-serif;" dir="ltr"><em><strong>"If there is one thing that I&rsquo;ve always enjoyed throughout my career, it&rsquo;s creating a big impact and being the FI Colombia Director has certainly enabled me to fulfil this passion while, at&nbsp;</strong><strong>the same time, working&nbsp;</strong></em><em><strong>with incredible people."</strong>&nbsp;</em>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</p>
<p style="font-family: arial, helvetica, sans-serif;" dir="ltr">&nbsp;</p>
<p><img style="float: right;" src="http://FI.co/system/upload/G_1zdhD2.jpeg" alt="" width="220" height="230" /><strong><span style="color: #464646; font-size: 20px; line-height: 26px;"><a href="https://www.linkedin.com/in/sergioarturoescobar/en" target="_blank">Sergio Escoba</a></span></strong><strong><span style="color: #464646; font-size: 20px; line-height: 26px;"><a href="https://www.linkedin.com/in/sergioarturoescobar/en" target="_blank">r</a></span></strong></p>
<p>Since founding the first Founder Institute cohort in Montreal, Sergio has helped launch over a dozen companies in the region, including successful companies like&nbsp;<a href="http://www.logrr.com" target="_blank">Logrr</a>,&nbsp;<a href="http://www.heddoko.com" target="_blank">Heddoko</a>, and <a href="http://www.elysiatravel.com" target="_blank">Elysia</a>.</p>
<p dir="ltr"><em><strong>"The Montreal startup ecosystem is positioning itself firmly on the global map and the city has shown one more time that it is an economic and cultural key player in Canada.&rdquo;</strong></em></p>
<h3 style="font-family: arial, helvetica, sans-serif;" dir="ltr">&nbsp;</h3>
<h3 dir="ltr"><strong><a style="font-weight: normal; color: #327ba7;" href="http://us1.list-manage.com/subscribe?u=a67c4487fff22ab8e545f2142&amp;id=adf05505de" target="_blank">RSVP to the Webinar Today!</a><span style="font-family: arial, helvetica, sans-serif;">&nbsp;</span></strong></h3>
<h3 dir="ltr">&nbsp;</h3>
<p dir="ltr"><em><strong>If you're interested in leading a Founder Institute cohort, <a href="http://FI.co/lead" target="_blank">apply here</a>.</strong></em></p>Mon, 02 Mar 2015 13:20:00 -0800http://FI.co/posts/13591
Come to a Free Founder Institute Event and Learn from top Startup Experts<p>The Founder Institute hosts thousands of&nbsp;<strong><a href="http://FI.co/events" target="_blank">free startup events</a></strong>&nbsp;across the globe each year, in over [total_cities] cities across six continents. These events are designed to help aspiring entrepreneurs improve their ideas and entrepreneurial skills, all in a low-pressure environment.</p>
<p><strong>At Founder Institute events, you can meet and learn from successful entrepreneurs, get feedback on your ideas, come up with new ideas, recruit potential co-founders, and more. They are the perfect starting point for beginning your entrepreneurship journey.</strong></p>
<p>We have several events coming up in the next few weeks, which are listed below. &nbsp;Don't see an event in your city? Then sign up for our <a href="http://eepurl.com/ydBWv" target="_blank">Local Updates List</a>, because chances are we will be in your city soon!</p>
<p><span style="font-size: medium;"><strong>Here are our upcoming events:&nbsp;</strong></span></p>
<table style="color: #777777; font-family: arial, helvetica, sans-serif; line-height: 25px;">
<tbody>
<tr>
<td class="lead" width="100">Date</td>
<td class="lead" width="55">Time</td>
<td class="lead" width="100">City</td>
<td class="lead" width="250">Event</td>
<!--<td class="lead" width="*">Location</td>--></tr>
<tr>
<td>2015-03-02</td>
<td>6:00 PM</td>
<td><strong>Warsaw</strong><br /><em>Poland</em></td>
<td><a href="http://FI.co/e/39301">Founder Institute Information Session</a></td>
<!--<td>ClockWork</td>--></tr>
<tr>
<td>2015-03-02</td>
<td>6:00 PM</td>
<td><strong>Sydney</strong><br /><em>Australia</em></td>
<td><a href="http://FI.co/e/40521">Founder Institute VIP Semester Launch Mixer</a></td>
<!--<td>Cargo Bar</td>--></tr>
<tr>
<td>2015-03-02</td>
<td>6:30 PM</td>
<td><strong>Kuala Lumpur</strong><br /><em>Malaysia</em></td>
<td><a href="http://FI.co/e/31731">Startup Pitch Bootcamp</a></td>
<!--<td>Training Room</td>--></tr>
<tr>
<td>2015-03-02</td>
<td>6:30 PM</td>
<td><strong>Seattle</strong><br /><em>US</em></td>
<td><a href="http://FI.co/e/37191">Startup Ideation Bootcamp</a></td>
<!--<td>Perkins Coie - Seattle </td>--></tr>
<tr>
<td>2015-03-03</td>
<td>5:15 PM</td>
<td><strong>Lisbon</strong><br /><em>Portugal</em></td>
<td><a href="http://FI.co/e/34441">Founder Institute Information Session</a></td>
<!--<td>Auditório da AICEP Lisboa </td>--></tr>
<tr>
<td>2015-03-03</td>
<td>6:30 PM</td>
<td><strong>London</strong><br /><em>United Kingdom</em></td>
<td><a href="http://FI.co/e/31001">Startup Ideation Bootcamp</a></td>
<!--<td>Google - Campus London</td>--></tr>
<tr>
<td>2015-03-03</td>
<td>6:30 PM</td>
<td><strong>Bremen</strong><br /><em>Germany</em></td>
<td><a href="http://FI.co/e/37781">Founder Institute Information Session</a></td>
<!--<td>Weserwork</td>--></tr>
<tr>
<td>2015-03-03</td>
<td>6:30 PM</td>
<td><strong>Bay Area</strong><br /><em>US</em></td>
<td><a href="http://FI.co/e/38431">Startup Pitch Bootcamp, with Adeo Ressi</a></td>
<!--<td>WSGR Palo Alto</td>--></tr>
<tr>
<td>2015-03-04</td>
<td>6:30 PM</td>
<td><strong>Sao Paolo</strong><br /><em>Brazil</em></td>
<td><a href="http://FI.co/e/28471">Como Criar uma Startup em S&atilde;o Paulo</a></td>
<!--<td>SuperNova Labs</td>--></tr>
<tr>
<td>2015-03-04</td>
<td>6:30 PM</td>
<td><strong>Reykjavik</strong><br /><em>Iceland</em></td>
<td><a href="http://FI.co/e/29701">Startup Pitch Bootcamp</a></td>
<!--<td>Setur skapandi greina við Hlemm</td>--></tr>
<tr>
<td>2015-03-04</td>
<td>6:30 PM</td>
<td><strong>Atlanta</strong><br /><em>US</em></td>
<td><a href="http://FI.co/e/30201">Startup Funding 101: How to Raise Capital for Your Idea</a></td>
<!--<td>100 Peachtree Street (Equitable Building)</td>--></tr>
<tr>
<td>2015-03-04</td>
<td>6:30 PM</td>
<td><strong>Santa Fe</strong><br /><em>US</em></td>
<td><a href="http://FI.co/e/32631">Making the Leap from Employee to Entrepreneur</a></td>
<!--<td>Creative Santa Fe</td>--></tr>
<tr>
<td>2015-03-04</td>
<td>6:30 PM</td>
<td><strong>Tokyo</strong><br /><em>Japan</em></td>
<td><a href="http://FI.co/e/33501">Startup Pitch Bootcamp</a></td>
<!--<td>SMBC日興証券（新丸ビル）</td>--></tr>
<tr>
<td>2015-03-04</td>
<td>6:30 PM</td>
<td><strong>Paris</strong><br /><em>France</em></td>
<td><a href="http://FI.co/e/38871">Startup Ideation Bootcamp</a></td>
<!--<td>Microsoft Spark dans le Sentier</td>--></tr>
<tr>
<td>2015-03-04</td>
<td>7:00 PM</td>
<td><strong>Mexico City</strong><br /><em>Mexico</em></td>
<td><a href="http://FI.co/e/32841">Descubre el Founder Institute</a></td>
<!--<td>The Pool</td>--></tr>
<tr>
<td>2015-03-05</td>
<td>6:30 PM</td>
<td><strong>Manila</strong><br /><em>Philippines</em></td>
<td><a href="http://FI.co/e/36161">Startup Pitch Bootcamp (NEW DATE &amp; LOCATION)</a></td>
<!--<td>Microsoft Visayas Room </td>--></tr>
<tr>
<td>2015-03-05</td>
<td>6:30 PM</td>
<td><strong>Lisbon</strong><br /><em>Portugal</em></td>
<td><a href="http://FI.co/e/40501">Founder Institute Information Session</a></td>
<!--<td>DNA Cascais</td>--></tr>
<tr>
<td>2015-03-05</td>
<td>7:00 PM</td>
<td><strong>Hong Kong</strong><br /><em>Hong Kong</em></td>
<td><a href="http://FI.co/e/35941">Startup Ideation Bootcamp</a></td>
<!--<td>CoCoon co-working space</td>--></tr>
<tr>
<td>2015-03-09</td>
<td>6:00 PM</td>
<td><strong>Warsaw</strong><br /><em>Poland</em></td>
<td><a href="http://FI.co/e/41251">Founder Institute Information Session</a></td>
<!--<td>ClockWork Coworking Space</td>--></tr>
<tr>
<td>2015-03-09</td>
<td>6:30 PM</td>
<td><strong>Kuala Lumpur</strong><br /><em>Malaysia</em></td>
<td><a href="http://FI.co/e/31711">Startup Ideation Bootcamp</a></td>
<!--<td>Training Room</td>--></tr>
<tr>
<td>2015-03-09</td>
<td>6:30 PM</td>
<td><strong>Kuala Lumpur</strong><br /><em>Malaysia</em></td>
<td><a href="http://FI.co/e/31721">Founder Night Out</a></td>
<!--<td>Menara Worldwide</td>--></tr>
<tr>
<td>2015-03-09</td>
<td>6:30 PM</td>
<td><strong>Seattle</strong><br /><em>US</em></td>
<td><a href="http://FI.co/e/37181">Founder Institute Information Session</a></td>
<!--<td>WeWork SLU</td>--></tr>
<tr>
<td>2015-03-10</td>
<td>6:30 PM</td>
<td><strong>Lisbon</strong><br /><em>Portugal</em></td>
<td><a href="http://FI.co/e/34451">Founder Institute Information Session</a></td>
<!--<td>StartUp Lisboa</td>--></tr>
<tr>
<td>2015-03-10</td>
<td>6:30 PM</td>
<td><strong>Bay Area</strong><br /><em>US</em></td>
<td><a href="http://FI.co/e/38891">Startup Funding 101: Securing a Lead Investor</a></td>
<!--<td>WSGR Palo Alto</td>--></tr>
<tr>
<td>2015-03-11</td>
<td>6:30 PM</td>
<td><strong>Reykjavik</strong><br /><em>Iceland</em></td>
<td><a href="http://FI.co/e/27511">Founder Institute Information Session</a></td>
<!--<td>Setur skapandi greina við Hlemm</td>--></tr>
<tr>
<td>2015-03-11</td>
<td>6:30 PM</td>
<td><strong>Santa Fe</strong><br /><em>US</em></td>
<td><a href="http://FI.co/e/32611">Founder Institute Information Session</a></td>
<!--<td>Creative Santa Fe</td>--></tr>
<tr>
<td>2015-03-11</td>
<td>6:30 PM</td>
<td><strong>Tokyo</strong><br /><em>Japan</em></td>
<td><a href="http://FI.co/e/33481">Founder Institute Information Session</a></td>
<!--<td>SMBC日興証券（新丸ビル）</td>--></tr>
<tr>
<td>2015-03-11</td>
<td>6:30 PM</td>
<td><strong>Tokyo</strong><br /><em>Japan</em></td>
<td><a href="http://FI.co/e/33491">Founder Night Out</a></td>
<!--<td>ROSE＆CROWN 丸の内店</td>--></tr>
<tr>
<td>2015-03-11</td>
<td>6:30 PM</td>
<td><strong>Paris</strong><br /><em>France</em></td>
<td><a href="http://FI.co/e/38861">Founder Institute Information Session</a></td>
<!--<td>Microsoft Spark dans le Sentier</td>--></tr>
<tr>
<td>2015-03-12</td>
<td>6:30 PM</td>
<td><strong>Santiago</strong><br /><em>Chile</em></td>
<td><a href="http://FI.co/e/31241">Making the Leap from Employee to Entrepreneur</a></td>
<!--<td>Co-mmunity</td>--></tr>
<tr>
<td>2015-03-12</td>
<td>6:30 PM</td>
<td><strong>Jakarta</strong><br /><em>Indonesia</em></td>
<td><a href="http://FI.co/e/34211">Founder Institute Information Session</a></td>
<!--<td>KejoraHQ</td>--></tr>
<tr>
<td>2015-03-12</td>
<td>6:30 PM</td>
<td><strong>Manila</strong><br /><em>Philippines</em></td>
<td><a href="http://FI.co/e/36151">Founder Institute Information Session (NEW DATE)</a></td>
<!--<td>Idea Bar @ Ideyatech</td>--></tr>
<tr>
<td>2015-03-12</td>
<td>6:30 PM</td>
<td><strong>Lisbon</strong><br /><em>Portugal</em></td>
<td><a href="http://FI.co/e/37291">Making the Leap from Employee to Entrepreneur</a></td>
<!--<td>Auditório da AICEP Lisboa </td>--></tr>
<tr>
<td>2015-03-12</td>
<td>7:00 PM</td>
<td><strong>Hong Kong</strong><br /><em>Hong Kong</em></td>
<td><a href="http://FI.co/e/35921">Startup Pitch Bootcamp</a></td>
<!--<td>the Hive co-working space</td>--></tr>
<tr>
<td>2015-03-16</td>
<td>6:30 PM</td>
<td><strong>Bay Area</strong><br /><em>US</em></td>
<td><a href="http://FI.co/e/38411">Founder Institute Information Session</a></td>
<!--<td>WSGR Palo Alto</td>--></tr>
<tr>
<td>2015-03-17</td>
<td>7:00 PM</td>
<td><strong>London</strong><br /><em>United Kingdom</em></td>
<td><a href="http://FI.co/e/31021">How to Start a Startup in London</a></td>
<!--<td>Innovation Loft Theatre (Upstairs of Foxcroft and Ginger Coffee Shop)</td>--></tr>
<tr>
<td>2015-03-18</td>
<td>7:00 PM</td>
<td><strong>Mexico City</strong><br /><em>Mexico</em></td>
<td><a href="http://FI.co/e/32831">Startup Pitch Bootcamp</a></td>
<!--<td>The Pool</td>--></tr>
<tr>
<td>2015-03-19</td>
<td>7:00 PM</td>
<td><strong>Hong Kong</strong><br /><em>Hong Kong</em></td>
<td><a href="http://FI.co/e/35911">Founder Institute Information Session</a></td>
<!--<td>the Hive co-working space</td>--></tr>
<tr>
<td>2015-03-25</td>
<td>7:00 PM</td>
<td><strong>Mexico City</strong><br /><em>Mexico</em></td>
<td><a href="http://FI.co/e/32811">Founder Institute Information Session</a></td>
<!--<td>The Pool</td>--></tr>
<tr>
<td>2015-03-25</td>
<td>7:00 PM</td>
<td><strong>Mexico City</strong><br /><em>Mexico</em></td>
<td><a href="http://FI.co/e/32821">Founder Night Out</a></td>
<!--<td>The Pool</td>--></tr>
<tr>
<td>2015-03-26</td>
<td>6:30 PM</td>
<td><strong>Santiago</strong><br /><em>Chile</em></td>
<td><a href="http://FI.co/e/31231">Startup Ideation Bootcamp</a></td>
<!--<td>Co-Work Encomenderos</td>--></tr>
<tr>
<td>2015-03-30</td>
<td>6:30 PM</td>
<td><strong>Seattle</strong><br /><em>US</em></td>
<td><a href="http://FI.co/e/37151">Founder Institute Information Session</a></td>
<!--<td>Impact Hub - Bellevue</td>--></tr>
<tr>
<td>2015-03-30</td>
<td>7:00 PM</td>
<td><strong>London</strong><br /><em>United Kingdom</em></td>
<td><a href="http://FI.co/e/30981">Founder Institute Information Session</a></td>
<!--<td>Innovation Loft Theatre (Upstairs of Foxcroft and Ginger Coffee Shop)</td>--></tr>
</tbody>
</table>Mon, 02 Mar 2015 11:35:00 -0800http://FI.co/posts/507
How to Attract The Right Investors<p style="color: #777777; font-family: arial, helvetica, sans-serif; font-size: 16px; line-height: 25px;" dir="ltr"><strong>The Founder Institute recently concluded its inaugural&nbsp;<a style="color: #327ba7;" href="http://FI.co/founderlab" target="_blank">Founder Lab</a>&nbsp;program, in which various promising seed-stage startups from around the globe spent a week in Silicon Valley working with world-renowned entrepreneurs and investors.</strong></p>
<p style="color: #777777; font-family: arial, helvetica, sans-serif; font-size: 16px; line-height: 25px;" dir="ltr">Despite the short duration of the program, participating companies went home with a fully refined pitch-deck, access to the Founder Institute&rsquo;s global network of founders and investors, and a tactical 2015 execution plan to raise funding, grow KPIs, develop product, and more.</p>
<p style="color: #777777; font-family: arial, helvetica, sans-serif; font-size: 16px; line-height: 25px;" dir="ltr"><strong>If your company can benefit from exposure to Silicon Valley&rsquo;s most valuable startup resources, learn how you can join the the next&nbsp;<a style="color: #327ba7;" href="http://FI.co/founderlab" target="_blank">Founder Lab</a>&nbsp;program.</strong></p>
<p style="color: #777777; font-size: 16px; line-height: 25px;" dir="ltr">To kick-off the extensive week-long program, founders ventured to various VC firms throughout the San Francisco Bay Area. During their field trips, they learned tips and tactics for securing a lead investor. In this installment of the<strong><a href="http://FI.co/blog?category=Founder+Lab" target="_blank"> Founder Lab Series</a></strong>, we learn how to successfully attract investment from the "Motherland" of&nbsp;entrepreneurship,&nbsp;Silicon Valley.</p>
<p dir="ltr"><strong><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;">TIP 1:</span></span></strong><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;"> Investors try not to put too many restrictions on what sectors they invest in, but they do try to make sure that have the most experience and knowledge of that sector so that they can add value.</span></span></p>
<p dir="ltr"><em><strong><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;">TACTIC: </span></span></strong><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;">Reach out to investors that have had success in your sector.</span></span></em></p>
<p dir="ltr"><strong><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;">TIP 2:</span></span></strong><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;"> I</span></span><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;">n general, investors focus on at least 3 to 4 sectors.</span></span></p>
<p dir="ltr"><em><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;"><strong>TACTIC:</strong> You need to always have a story before you go to raise a fund.</span></span></em></p>
<p dir="ltr"><strong><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;">TIP 3:</span></span></strong><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;"> Investors won&rsquo;t invest in international businesses where they don&rsquo;t have a network or understanding of the market.</span></span></p>
<p dir="ltr"><strong><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;">TIP 4:</span></span></strong><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;"> American Investors want to see some traction from your home country before they help you in the U.S. market.</span></span></p>
<p style="padding-left: 30px;" dir="ltr"><em><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;"><strong>TACTIC: </strong>American investors are prompted to see an advisory board if they want to invest in businesses from uncharted lands. This also helps founders make the connections they need. At a high-level, it&rsquo;s all about connections.</span></span></em></p>
<p dir="ltr"><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;"><strong>TIP 5:</strong> Most Silicon Valley investors have the most knowledge in North American, Indian and Chinese markets.</span></span></p>
<p style="padding-left: 30px;" dir="ltr"><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;"><em><strong>TACTIC: </strong></em>Don&rsquo;t go too low on the totem pole. Make the right introduction at the right level. This speeds up the sales process.</span></span></p>
<p dir="ltr"><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;"><strong>TIP 6: </strong>Are you revenue positive? Investors expect to see signs of your business model working through revenue. &nbsp;</span></span></p>
<p dir="ltr"><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;"><strong>TIP 7: </strong>For ventures, raising one round is not the end-all be-all. Raising a Series A is just a bridge to raising a Series B. Investors try to understand the metrics of raising a Series A, then try to understand what you will need to raise a successful Series B.&nbsp;</span></span></p>
<p dir="ltr"><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;"><strong>TIP 8: </strong>If you&rsquo;ve participated in accelerator programs or have held relations with well-known Angels, VCs are more likely to take an interest in your business. There is a system, that is definitely name based. You move up through well-known accelerators, to angels/seed funds, to micro-VCs, to bigger institutions.</span></span></p>
<p dir="ltr"><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;"><strong>TIP 9: </strong>Micro VCs invest around 100K to 700K.</span></span></p>
<p style="padding-left: 30px;" dir="ltr"><em><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;"><strong>TACTIC: </strong>Define a game plan. Before initiating a relationship with a VC, you must understand what stage you&rsquo;re on from a business perspective. Understand what the VC is looking for and what milestone you&rsquo;ve recently crossed. Also, make sure to always follow-up.</span></span></em></p>
<p dir="ltr"><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;"><strong>TIP 10: </strong>A relationship with an investor can only be built if an investor is really interested in you, or it will be a waste of your time. The relationship also is based on the confidence he has in your business.</span></span></p>
<p style="padding-left: 30px;" dir="ltr"><em><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;"><strong>TACTIC: </strong>Give investors updates when there are large breakthroughs in the progress of your business. Try to follow-up with VCs when you have big news or much time has passed.</span></span></em></p>
<p dir="ltr"><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;"><strong>TIP 11: </strong>Building a relationship with an investor is a long-term process. It may take up to a year for an investor to make a deal after that initial meeting. The investor is investing not only in the business, but in the person.</span></span></p>
<p style="padding-left: 30px;" dir="ltr"><em><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;"><strong>TACTIC: </strong>Distance isn&rsquo;t an issue for investors. VCs invest in companies when they have never even met the founder in person. Don&rsquo;t be hesitant to build long-distance relationships with investors.</span></span></em></p>
<p dir="ltr"><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;"><strong>TIP 12: </strong>Silicon Valley is a global place. Everyone here wants to launch a business in a global way. No one wants to start a Silicon Valley company. It&rsquo;s about facing the global market.</span></span></p>
<p style="padding-left: 30px;" dir="ltr"><em><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;"><strong>TACTIC: </strong>Look for investors who have experience with companies from your home country. You want VCs to have a large pool of resources from that region of the world.</span></span></em></p>
<p dir="ltr"><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;"><strong>TIP 13: </strong>Some early-stage firms deal with 100 companies a year. That leaves very little bandwidth for involvement. There are two groups in the VC world. One group of VCs have little involvement with the company, and believe that the capital is the only added valuable they can provide. The second group believes their added value can be very influencing on the development of the company.</span></span></p>
<p dir="ltr"><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;"><strong>TIP 14: </strong>The founder is not always a good CEO, and investors look at the life span of a company in terms of if it&rsquo;s ran by an early-stage or growth-stage CEO.</span></span></p>
<p dir="ltr"><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;"><strong>TIP 15: </strong>Early-stage CEOs are good at defining the right product-market fit, but once the company reaches 2 million revenue, they lack the mindset of a growth-stage CEO. This is the more experienced guy, who has been involved with large corporations and understands how to further increase revenue to 100 million.&nbsp;</span></span></p>
<p style="padding-left: 30px;" dir="ltr"><em><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;"><strong>TACTIC: </strong>Growth-Stage CEO Formula - &nbsp;Great sales experience, knows how to scale the team, great at using marketing and PR to attract organic traffic and build the brand image, exceptional at fundraising.</span></span></em></p>
<p style="color: #777777; font-size: 16px; line-height: 25px;" dir="ltr">&nbsp;</p>
<p style="color: #777777; font-size: 16px; line-height: 25px;" dir="ltr"><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;"><strong>Advice from Silicon Valley investors: </strong>The startup world is very competitive. Try to do the things that give you a very unfair advantage. This is what prompts investors to take interest in your company. Every idea is not defensible in itself, but why is your background so convincing that you would be the only one to execute? That edge is a much more impressive story.</span></span></p>
<p style="color: #777777; font-size: 16px; line-height: 25px;" dir="ltr"><span style="color: #777777;"><span style="font-size: 16px; line-height: 25px;"><br /></span></span></p>
<p style="padding-left: 60px;"><iframe src="https://www.youtube.com/embed/Sri3ljwWQgA" width="640" height="360"></iframe></p>
<p><em style="color: #777777; font-family: arial, helvetica, sans-serif; font-size: 16px; line-height: 25px;"><strong>If you&rsquo;re interested in learning more about what the Founder Lab has to offer,&nbsp;<a style="color: #327ba7;" href="http://FI.co/founderlab" target="_blank">click here for more information</a>.</strong></em></p>Sun, 01 Mar 2015 11:00:00 -0800http://FI.co/posts/13561
Pre-Sale Tickets Available for the Founder Showcase: Silicon Valley’s International Startup Event<p>Hosted by <a href="http://thefunded.com" target="_blank">TheFunded.com</a> and the <a href="http://founderinstitute.com" target="_blank">Founder Institute</a>, the <a href="http://foundershowcase.com" target="_blank">Founder Showcase</a> is Silicon Valley&rsquo;s leading international seed-stage startup event, gathering global technology founders and investors to hear from top experts, and help launch new companies to greatness.&nbsp;</p>
<p><strong>The 16th edition of the Founder Showcase is scheduled for Tuesday, May 12th at the Microsoft Campus in Mountain View.&nbsp;</strong></p>
<p><strong></strong>As the Founder Institute's network has grown, we are now expecting this to be the most international startup event in Silicon Valley, with top founders, investors, and press from six continents in attendance.&nbsp;</p>
<h3><a href="https://foundershowcase16.eventbrite.com/?discount=fi_blog" target="_blank">Pre-Sale Tickets (up to 50% off) are available until this Friday, March 6th, so get your tickets or table today</a>.&nbsp;</h3>
<p>This event will sell out, and tickets are fully-transferable - so what are you waiting for?</p>
<p>If you've never been to a Founder Showcase, here is how it works;&nbsp;</p>
<p><strong>For starters, we get the top figures in Silicon Valley to discuss pressing topics in startups and venture capital.&nbsp;</strong>In our 15-event history, we've been truly honored by some of the names who have graced our stage - including <strong>Elon Musk</strong>,<strong> David Sacks</strong>, <strong>Phil Libin</strong>, <strong>Keith Rabois</strong>, <strong>Chris Dixon</strong>, <strong>Mark Suster</strong>, <strong>Kevin Rose</strong>, and <strong>Naval Ravikant</strong>, just to name a few. You can check out some <a href="http://foundershowcase.com/videos" target="_blank">awesome videos from past events here</a>.&nbsp;</p>
<p><strong>Second, we have a pitch competiton&nbsp;completely geared towards seed-stage companies. </strong>How is this different from other pitch competitions? Well, most other events feature companies raising their Series-A, but we go one step earlier, as our presenters are all less than 2 years old and have raised less than $250,000 in funding. In other words,<strong> we give you the chance to see some of the most interesting companies of tomorrow before anyone else.</strong> Our alumni have gone on to raise over $150 million in funding, and include companies like <a href="http://udemy.com" target="_blank">Udemy</a>, <a href="http://relayrides.com" target="_blank">Relay Rides</a>, <a href="http://thumbtack.com" target="_blank">Thumbtack</a>, <a href="http://realtymogul.com" target="_blank">Realty Mogul</a>,&nbsp;<a href="http://kaggle.com" target="_blank">Kaggle</a>, and <a href="http://foundershowcase.com/about-2/hall-of-fame/" target="_blank">many more</a>.&nbsp;</p>
<p><strong>Finally, we have awesome networking with over 400 startup founders, investors and press from all over the world, and an energy brought by our emcee Adeo Ressi that no other event can match.</strong></p>
<p><strong></strong>This all gets mixed into one action packed afternoon and evening, so you can go get back to work building great companies.&nbsp;</p>
<p>We hope you will join us on May 12th!</p>
<p><a href="https://foundershowcase16.eventbrite.com/?discount=fi_blog" target="_blank">Get your Pre-Sale Tickets Now</a>, or learn more at <a href="http://www.FounderShowcase.com" target="_blank">www.FounderShowcase.com</a>.&nbsp;</p>Sun, 01 Mar 2015 08:08:00 -0800http://FI.co/posts/13581
5 Tips to Improve Your Teachings as a Startup Mentor<p><strong><em>This post was written by Jimmy Hendricks - CEO and Co-Founder of </em></strong><strong><em><a href="http://www.dealcurrent.com/" target="_blank">Deal Current</a>, and top-rated mentor of the <a href="http://FI.co/apply/san_diego/blog" target="_blank">San Diego Founder Institute</a>. <br /></em></strong></p>
<p>&nbsp;It was an honor this year to receive the highest rated global mentor award from Founder&rsquo;s Institute. I always received feedback from our San Diego organizer, Jeanine Jacobson, that my teaching was well received, but I thought initially she was just being nice and supportive. When I saw some of my scores and then received the nomination, I realized I must have been doing something right.&nbsp; I&rsquo;ve always known I enjoyed teaching and was able to communicate my message well, but I wanted to know exactly why founders found my presentations useful so I asked them.</p>
<p>This post is the result of my findings, and I hope it helps Mentors who are looking to improve their teaching. I believe we have a responsibility to pay it forward and help future entrepreneurs learn from our mistakes so they can have a greater chance of success.</p>
<p><span style="font-size: medium;"><strong>1. Know the mentors and what they are working on. </strong></span></p>
<p>One of the basics of public speaking is &ldquo;Know your Audience&rdquo;, but I think this is an easy thing to forget. I think some mentors just make the assumption that entrepreneurs are the audience and therefore we will relate to each other. In reality though, its business type to business type that creates more relevance. In 2011, when I spoke on Customer Development, the class was predominately mobile apps. As a result, I tailored my talk around customer acquisition cost, tracking, and expected funds needed to prove a mobile model. In 2012, the San Diego class had more B2B business ideas and traditional web applications so I tailored the talk around online marketing and how to test traditional sales models. So before you speak to a new class, ask the organizer for a list of the current business ideas so you can focus on the relevant points in your talk.</p>
<p><span style="font-size: medium;"><strong>2. Tell your story honestly and don&rsquo;t boast.</strong></span></p>
<p>The second common feedback point that I received from Founders was that I was humble, they could relate to me, and I was approachable. I asked a few mentors for more information and one point really stood out. &ldquo;You talked as much about your failures and mistakes as you did about successes and the right decisions you made.&rdquo; When you talk about how wrong decisions and explain assumptions you made this helps mentors realize that it&rsquo;s not just about being right or having a great model, but it&rsquo;s the willingness to persevere and adapt. I believe it&rsquo;s our responsibility to pop any bubbles of overnight success and roads to quick success. Every company starts with an idea, requires several iterations, and there are a thousand things that can kill a company before it reaches true sustainability. Founders may be entertained by the multi-million dollar exit, but tell the war stories which in the end they will find much more value in.</p>
<p><span style="font-size: medium;"><strong>3. Teach the basics, not the advanced.</strong></span></p>
<p>The third thing I heard from a lot of Founders, was that I gave useful knowledge and a place to start. After watching some of the more successful Mentors with multi-companies or exits under their belt, I realized what the Founders meant. It wasn&rsquo;t that Mentors were giving bad advice, but it tended to be higher level information that was only executable once a company is up and running or at a certain state of growth. A common question I receive from Founders when meeting 1-on-1 is, &ldquo;What are the key things I should be worried about or working on in regards to _______?&rdquo; When I was asked this question, it made me think first about everything I worried about that wasn&rsquo;t important early on and the few things I wish I would have known. <br /><br />So, in my talks I focus on practical knowledge with the goal of communicating two things: 1) what they should be doing now and 2) what they shouldn&rsquo;t be worried about until they have accomplished the first list of things. For example, with Sales and Marketing, Founders tend to want to know how much money they need, but they haven&rsquo;t interviewed customers or tested an online ad. So I explain in detail how to determine target customers, interview them, and test marketing ideas with very minimal budgets. Then at a high level I explain once they have proven or disproven their theory, what to do next. When writing your talk, just ask yourself, &ldquo;What are the 2-3 things I wish I would have known when I started&rdquo;. In most cases if Founders nail those, they will succeed and can figure out the rest as they go. Remember less is usually better.</p>
<p>&nbsp;</p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <img style="vertical-align: middle;" src="http://FI.co/system/upload/numbers_dont_lie_hendricks.png" alt="" width="455" height="322" /></p>
<p>&nbsp;</p>
<p><span style="font-size: medium;"><strong>4. Always close your talk with step-by-step action items.</strong></span></p>
<p>The final and most common question I heard from Founders my first year of mentoring was, &ldquo;Where should I start?&rdquo; As Mentors, it&rsquo;s easy to forget how much we know and how much information we can really share in a 20-minute talk. In point three above, I encourage teaching the basics, but in most cases what we think is basic really is intermediate to advanced. The easiest and most effective way to have a high score and end a talk is with measurable action items. The last slide of every talk should end with a short list of 3-5 action items on where to start. I have found the #1 key to Founder confidence is having a plan.</p>
<p><span style="font-size: medium;"><strong>5. Review the keys to a great presentation.</strong></span></p>
<p>This last tip doesn&rsquo;t just apply to giving a great FI talk, but applies to giving great talks as a business leader. Every Mentor is an expert at something, but in most cases we are doers not explainers. This is what makes us great entrepreneurs, but many times we are average teachers. I have found the best way to teach is to learn. So, before every talk I Google, &ldquo;keys to being a great teacher&rdquo; and &ldquo;keys to giving a great talk.&rdquo; I recommend spending 10 minutes doing the same and bookmark the best articles you have found. It will show greatly in your delivery and feedback score. Here is a great post I recently read from Mark Suster&rsquo;s blog, Both Sides of the Table. &ldquo;How to Nail a Group Presentation&rdquo;. Enjoy!</p>
<p>If you have any comments or want a PPT copy of any of my talks, feel free to email me at jimmy@dealcurrent.com. <br /><br /><strong>About the author:</strong><br /><em>Jimmy Hendricks was the #1 rated global mentor for Founder Institute in 2012 and is the CEO of Deal Current Network based in San Diego. Deal Current provides a white-label deal and coupon platform to media companies and performance based marketing solutions for small business owners. His education includes a Masters in Corporate Tax from the University of Missouri. </em></p>
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FI Grad Getable raises $5 Million in Series A, featured on TechCrunch<p><a href="https://www.getable.com" target="_blank">Getable</a> has raised $5 million in Series A round fund, which has been reported by <a href="https://twitter.com/ryanlawler" target="_blank">Ryan Lawler</a> in a TechCrunch article titled &ldquo;<a href="http://techcrunch.com/2015/02/25/getable-5m/" target="_blank">Getable Gets $5 Million To Help Contractors Rent Construction Equipment From An iPad</a>&rdquo;.</p>
<p><strong>Getable and its Founder Tim Hyer is a Graduate of the <a href="http://www.fi.co/apply/bay_area/blog" target="_blank">Bay Area Founder Institute</a>.</strong></p>
<p>Founded in 2010, Getable is a San Francisco-based company serving the construction rental market with mobile tools designed for construction professionals and rental equipment providers. It offers free-to-download apps that enable construction crews to track equipment in the field that they already own, and to manage orders for equipment that comes from third-party rental agencies.</p>
<p>Getable&rsquo;s new Series A round fund was led by led by The Social+Capital Partnership. In addition to the institutional money, the Series A round also included participation from a number of strategic investors, including Ghilotti Brothers Inc., Pacific Structures, Zachary Construction, DPR Construction, JJ Albanese, Stomper Company, and Brick &amp; Mortar Ventures, a new investment fund run by Bechtel construction group&rsquo;s Darren Bechtel.</p>
<p><em><strong>For more information on Getable&rsquo;s service, visit their <a href="https://www.getable.com" target="_blank">official website</a>.</strong></em></p>
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FI Grad UnBuffer Wins Big at SMAC startup day 2015<p dir="ltr">UnBuffer, a 2014 Founder Institute graduate of Bangalore, India, participated and won the SMAC (social, mobile, analytics and cloud) startup day 2015 event. On February 19th, <a href="http://www.smacday.org" target="_blank">SMAC day 2015</a> took place in Bangalore, India. Respected industry leaders in social, mobile, analytics and cloud technologies led engaging discussions with local techies, UX designers and entrepreneurs during the event. In addition, helpful workshops provided training to improve talent and skills in the SMAC community.</p>
<p dir="ltr"><strong><a href="http://unbuffer.com/" target="_blank">UnBuffer</a> and its Founder, <a href="https://twitter.com/SathyaShingade" target="_blank">Sathyanarayana G</a>, are Graduates of the <a href="http://FI.co/posts/apply/bangalore/blog" target="_blank">Bangalore Founder Institute</a>.</strong></p>
<p dir="ltr">The grand finale of the day was the Product Showcase, which featured an elite group of 10 startups as they pitched their companies to a power panel of investors and the entire SMAC day audience. It was a great opportunity for SMAC startups to get noticed and selected for the <a href="http://tie.org" target="_blank">TiE Bangalored prestigious Mentoring program, TiE Turbo [EAP Program]</a>.</p>
<p dir="ltr">This was first time that UnBuffer presented at a startup event; and with beginner&rsquo;s luck won the major the prize at SMAC startup day. UnBuffer is a cloud based custom video and audio transcoding Saas which lets you transcode videos with great flexibility, based on your file size and bitrate requirements. There was a lot of positive feedback from the audience, and many of them were very eager to try UnBuffer after the presentation. The company plans on launching a beta product soon, so stay tuned for more great news in their startup progress.</p>
<p><strong>For more information on <a href="http://unbuffer.com/" target="_blank">UnBuffer</a>, check out their official site.</strong></p>
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</table>Fri, 27 Feb 2015 10:35:00 -0800http://FI.co/posts/13511
Is Your Startup Fundable?<p dir="ltr">Have you ever wondered what qualities investors look for in a startup to consider it fundable? <strong><a href="https://twitter.com/benjaminchong" target="_blank">Benjamin Chong</a>, a partner at <a href="http://www.rightclickcapital.com/" target="_blank">Right Click Capital</a> and a Co-Director of the <a href="http://fi.co/apply/sydney/blog" target="_blank">Sydney Founder Institute</a></strong>, has created a three question test to help determine your answer in the article &ldquo;<a href="http://www.brw.com.au/p/business/three_ways_to_test_if_your_start_lRbTuRKjl7Muy4sGAFHBcL" target="_blank">Three ways to test if your startup is fundable</a>,&rdquo; on BRW.</p>
<p dir="ltr">Many entrepreneurs feel their problems will be solved with funding, but being fundable is very different from being in need of funding. Being fundable is all about your startup&rsquo;s potential to attract financing so you can grow your business. All startup need some kind of funding to survive but not all are considered fundable.</p>
<p dir="ltr">Is your startup fundable? Read on to see what Benjamin Chong has say on the matter.</p>
<h3 dir="ltr">1. Are you solving a real problem?</h3>
<p dir="ltr">When launching a startup, keep in mind that your company has to offer a real value to the world, or at least a part of it, before you seek funding. Here are some questions for you to consider:</p>
<ul>
<li dir="ltr">
<p dir="ltr">What is the problem your startup is trying to solve?</p>
</li>
<li dir="ltr">
<p dir="ltr">Is it a real problem or a perceived one?</p>
</li>
<li dir="ltr">
<p dir="ltr">Have potential customers confirmed you&rsquo;re solving a real problem?</p>
</li>
<li dir="ltr">
<p dir="ltr">What&rsquo;s the market size of the problem?</p>
</li>
</ul>
<blockquote>Last week, I was presented with an idea for a personal electronic device that could help when paying for items at the cash register. While it was an interesting idea, I couldn&rsquo;t see a real problem that the device was solving.&rdquo;</blockquote>
<h3 dir="ltr">2. Do you have a killer team?</h3>
<p dir="ltr">Great minds think alike, so building your startup team is extremely important. Investors look for teams of individuals with a combination of technical background, business skills, and industry experience that are driven to succeed.</p>
<blockquote>A great way to gain experience is by joining a startup and contributing to the success of a fledgling business. I&rsquo;ve previously employed-future entrepreneurs, who&rsquo;ve added immense value to our businesses. At the same time, they&rsquo;ve gained an understanding of the frenetic pace of an early-stage business and developed skills from financial modelling to phone sales to graphic design.&rdquo;</blockquote>
<h3 dir="ltr">3. Are you gaining traction?</h3>
<p dir="ltr">A startup with little to no traction will not pique the interest of investors. Make sure you are establishing a solid customer base and gaining traction over time. This will help investors determine if your startup is viable. Below are several questions that must be addressed before pushing your startup to the next level:</p>
<ul>
<li dir="ltr">
<p dir="ltr">Do you have users or customers?</p>
</li>
<li dir="ltr">
<p dir="ltr">Is the rate of user growth increasing?</p>
</li>
<li dir="ltr">
<p dir="ltr">Have you been able to charge customers for your product or service?</p>
</li>
</ul>
<blockquote>
<p>Investors will need to see traction to determine if your startup is viable. Traction is the proof that there is a demand for your product or service.&rdquo;</p>
</blockquote>
<p><em><strong>If you are interested in launching a tech company in Australia, the Founder Institute is currently accepting applications for the Sydney Autumn 2015 semester. <a href="http://fi.co/apply/sydney/blog" target="_blank">Apply today</a>!</strong></em></p>Fri, 27 Feb 2015 10:15:00 -0800http://FI.co/posts/13491
Paying It Forward: How to Help New Startups Rise to the Top<p>We once asked <a href="http://FI.co/apply/seattle/blog" target="_blank">Seattle Founder Institute</a> mentor, <a href="https://plus.google.com/106937128448772029334/posts" rel="author" target="_blank">Dan Shapiro</a>&nbsp;why it's so important for experienced entrepreneurs to mentor new founders. To answer our question, Dan directed us to this gem of a blog post.</p>
<p>Below, <a href="http://www.danshapiro.com/blog/2012/07/how-to-help-startups/" rel="canonical" target="_blank">How to Help Startups</a>, has been republished:</p>
<p><strong>"It&rsquo;s been seven years since I started my first company. My successes over that course have had a great deal to do with the generosity and wisdom of the startup community, particularly in Seattle &ndash; countless meetings, meetups, blog posts, backchannels, and a mind boggling number of cups of coffee.</strong>&nbsp;Since the very beginning, I&rsquo;ve been thinking about the question in the title - what&rsquo;s the best way for me to pay it forward, and really help the startup community?<br /><br />I&rsquo;ve always known that the greatest way to help startups is by building a great startup. Success breeds success, injecting talent and cash in to the ecosystem. It rejuvenates the optimism and bank accounts of investors and startup employees alike.&nbsp; It begets positive press, which begets optimism. It demonstrates to people that success is possible, and shows them a way to achieve it.<br /><br />But I wanted to help more. For karmic reasons - to pay back the people who helped me - and for selfish reasons, in that I love helping companies succeed. It&rsquo;s just incredibly, deeply, personally rewarding. So each week I average about five to ten meetings with startup founders or executives, and usually do one speaking engagement for a large group as well.&nbsp; But how to make the most of that time?<br /><br /><strong>Here are the principles I&rsquo;ve found so far when trying to help startups.</strong></p>
<h3>Lots of People</h3>
<p>Try to find opportunities to help as many companies as possible, at once. Like mentoring for great organizations (I love Techstars and Founder Institute). There&rsquo;s an opportunity to help a lot of companies at once. Further, you get to have a bunch of short conversations to get an idea of what they&rsquo;re up to, and dive deep with a few companies that are a great fit.</p>
<h3>Help Companies That Help Themselves</h3>
<p>The greatest impact on the startup ecosystem is helping companies that have already demonstrated commitment and traction. If someone&rsquo;s working a day job and wants advice &ldquo;about startups&rdquo;, that conversation is less likely to result in a successful company. By comparison, in a conversation with someone who&rsquo;s committed fulltime and trying to add a cofounder, or negotiating terms with an angel, or stuck on their B-round financing there&rsquo;s a real opportunity to make a difference at a powerful inflection point. The further down the funnel the startup is, the lower the chance that good advice will be rendered moot by one of the many random quirks that strike down entrepreneurs, sending them back to the clutches of Big Companies.</p>
<h3>Time Management</h3>
<p>Being short and blunt sucks. It&rsquo;s uncomfortable to skip small talk. But when a startup needs help and time is constrained, talking about a founders&rsquo; kids or hobbies is time that either comes out of their help, or out of helping someone else. For me, the former is better than the latter, and I schedule most startups for 30 minute meetings. I personally hate the rushed agenda, but it&rsquo;s usually enough time for me to be able to try to provide some help.</p>
<h3>If You&rsquo;re Not An Expert, Shut Up</h3>
<p>I sat next to a guy on a panel who was pontificating to startup founders about qualities to look for in a cofounder. The speaker was a former consultant who mostly invests in real estate and restaurants. WTF. It&rsquo;s easy to have an opinion, but if there&rsquo;s no experience behind it, just explain that it&rsquo;s not an area of expertise and move on to a new topic. I&rsquo;ve sometimes had to drive this home. &ldquo;Why are you asking me how to marketing your social network when I&rsquo;ve never done it before either? Let&rsquo;s focus on questions I&rsquo;m actually qualified to answer for you.&rdquo;</p>
<h3>Directness</h3>
<p>It&rsquo;s hard to be direct with people you don&rsquo;t know very well - at least, I find it so. And being direct is just a thin grey line away from being an asshole. But nobody wins if the conversation just goose-steps around, and 30 minutes isn&rsquo;t enough time to be soft and circumspect. These my three favorite phrases when time is short:</p>
<ul>
<li>&ldquo;How can I help?&rdquo; This is my favorite phrase. If there&rsquo;s a succinct answer, everyone benefits.</li>
</ul>
<ul>
<li>&ldquo;Sorry, but I can&rsquo;t.&rdquo; At least one of the things a company asks for are probably not possible. But if the requests are out on the table up front, everyone can focus on the &ldquo;yes&rdquo;es instead of the &ldquo;no&rdquo;s.</li>
</ul>
<ul>
<li>&ldquo;Here&rsquo;s my reaction to what you just said.&rdquo; Sharing a quick gut-take reaction is crucial to companies that are trying to polish their presentation - after the 25th pitch, details and nuance get ground down. The pitch is an art form, and a tight feedback loop is crucial to improvement.</li>
</ul>
<h3>Help People Help Others</h3>
<p>This is the last principle, and a new one. It may not be popular. We&rsquo;ll see.</p>
<p>As a part of my effort to make a difference in the broadest way possible, I&rsquo;ve signed a contract with O&rsquo;Reilly to publish a book about startups. I&rsquo;m ridiculously excited about this because it&rsquo;s the ultimate application of the &ldquo;Lots of people&rdquo; principle. Part of this book is going to be illustrating problems with stories from real startups. And that&rsquo;s hard, because most entrepreneurs are pretty tight lipped about what they&rsquo;re up to.<br /><br />So from here on out, I&rsquo;m going to be asking one important thing from companies that want to meet with me to get advice: let me use the contents of our conversations and emails to help other startups by writing about them. If there&rsquo;s something that must remain confidential - for example, a trade secret, or the name of a sensitive party in a negotiation - hat&rsquo;s fine. But I think the startup community suffers from a little too much secrecy, so I&rsquo;m going to prioritize helping companies that are willing to &lsquo;pay it forward&rsquo; over companies that are not.<br /><br />So that&rsquo;s my new thing. Continue to help people, and ask that they allow me to use their situation for my book, so together we can help even more people.</p>
<p><em>What do you think?</em></p>
<p><em><strong>Dan Shapiro is a top-rated mentor for the <a href="http://FI.co/apply/seattle/blog" target="_blank">Seattle Founder Institute</a>.&nbsp;Check out&nbsp;<a href="http://www.danshapiro.com/blog/" target="_blank">Dan's blog</a>&nbsp;and follow him on Twitter&nbsp;<a href="https://twitter.com/danshapiro" target="_blank">@DanShapiro</a>.</strong></em></p>
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To Grow Your Local Startup Community, First Map it Out<p>If you ask a local startup leader what is holding back their community from growing, chances are the answer you will get is &ldquo;a lack of capital&rdquo;.</p>
<p><strong>However, in our experience working in nearly 100 markets across the globe, "lack of capital" is nowhere near being the biggest hindrance to startup community growth. </strong>In fact, in nascent and developing markets, we have seen an influx of government and strategic capital actually&nbsp;<em>hurt </em>the local ecosystem more often than it helps it.&nbsp;</p>
<p>Consider the following sequence of events, which we have seen play out time and time again across several continents;</p>
<ol>
<li>New capital to grow a local startup ecosystem is announced, either by the government or foreign investors. This money needs to be allocated fairly quickly, so investment will go to a select few organizations.&nbsp;</li>
<li>Organizations in the local ecosystem immediately begin jockeying for the investment. As a result, these organizations start (1) creating exclusive relationships with others in the ecosystem (these become known colloquially as &ldquo;tribes&rdquo;), or (2) vertically integrate (ex. co-working spaces that used to partner with accelerators now create their own accelerators, and those same accelerators start looking for real estate).&nbsp;</li>
<li>Almost overnight, a once collaborative ecosystem becomes overly competitive and fragmented.&nbsp;</li>
</ol>
<p>&nbsp;</p>
<p><strong>The biggest losers in this scenario?</strong> Local entrepreneurs.</p>
<p>Rather than having access to many different options at each stage of their startup journey, they now become funneled into &ldquo;walled gardens&rdquo; of services (or &ldquo;tribes&rdquo; of partners). This fragmentation limits optionality, and creates a less inviting environment for new entrepreneurs to start up.&nbsp;</p>
<p>Unfortunately, it doesn&rsquo;t take an influx of capital to create this scenario. As entrepreneurship becomes more &ldquo;in vogue&rdquo; and competitive across the globe, we see growing ecosystems become more and more fragmented every day.&nbsp;</p>
<p><strong>The biggest threat to a growing startup ecosystem is not a lack of capital - it is fragmentation and a lack of transparency, because i</strong><strong>t takes a city to raise a startup.&nbsp;</strong></p>
<p><strong><br /></strong></p>
<h2>A Solution: The Startup Ecosystem Canvas</h2>
<p>In the must-read book&nbsp;<strong><em><a href="http://www.startuprev.com/books-communities" target="_blank">Startup Communities</a></em></strong>, <strong>Brad Feld </strong>(Co-Founder of&nbsp;<a href="http://techstars.com" target="_blank">TechStars</a>&nbsp;and&nbsp;<a href="http://www.foundrygroup.com/" target="_blank">Foundry Group</a>) describes the dangers of fragmentation as well. According to Feld, "fragmentation kills local entrepreneurship", and a &ldquo;philosophy of inclusiveness&rdquo; is a key pillar of a vibrant startup ecosystem.&nbsp;&nbsp;</p>
<p>Fragmentation can&rsquo;t be fixed overnight, but if you can map out your local ecosystem, then you can immediately make it more transparent and inviting for newcomers. In other words, if you can lower the barrier to entry for new entrepreneurs to join your startup ecosystem, you can ultimately help it grow.</p>
<p>Hence, we developed the <strong><a href="http://FI.co/canvas" target="_blank">Startup Ecosystem Canvas</a></strong> to help startup leaders map their local ecosystem in a framework that makes it more transparent and inviting for new entrepreneurs.&nbsp;</p>
<p>There are two parts to the Canvas: the&nbsp;<strong>(1) <a href="http://FI.co/canvas_template" target="_blank">Startup Ecosystem Canvas Template</a> (below)</strong>, and the <strong>(2) Startup Ecosystem Infographic&nbsp;</strong>(see an&nbsp;<a href="http://FI.co/istanbul_canvas" target="_blank">example here</a>, or read on..).&nbsp;</p>
<p><strong></strong>The Canvas is free to use, and&nbsp;is licensed under a&nbsp;<a href="http://creativecommons.org/licenses/by-nc/4.0/" target="_blank">Creative Commons Attribution-NonCommercial 4.0 International License</a>.</p>
<p style="padding-left: 90px;"><a href="http://FI.co/system/upload/ecosystem_canvas_worksheet_v1.pdf" target="_blank"><img src="http://FI.co/system/upload/ecosystem_canvas_worksheet_v1.jpg" alt="" width="612" height="1008" /></a>&nbsp;</p>
<h3>Origin</h3>
<p>I have been developing the Startup Ecosystem Canvas with the Founder Institute team for almost a year, and it is derived from three main sources;&nbsp;</p>
<ol>
<li>The aforementioned&nbsp;<em><a href="http://www.startuprev.com/books-communities" target="_blank">Startup Communities</a></em>&nbsp;book by Brad Feld was a major source of inspiration. If you are interested in building a thriving startup community, this is required reading. Feld&rsquo;s insights mirror the dynamics we have seen in ecosystems of all levels of maturity across the globe.</li>
<li><a href="http://FI.co/" target="_blank">The Founder Institute</a>&rsquo;s experience launching companies in over 85 cities worldwide, consulting with dozens of Local Directors, several top local Mentors, and many local entrepreneurship organizations.&nbsp;</li>
<li>The <a href="http://businessmodelgeneration.com/canvas/bmc" target="_blank">Business Model Canvas</a>, from <a href="http://alexosterwalder.com/" target="_blank">Alex Osterwalder</a>. This might be the single-most useful business planning tool available for free today. However, I should note that the Startup Ecosystem Canvas is fundamentally different, in that it is more of a "map" than a "strategic planning tool".&nbsp;</li>
</ol>
<p>&nbsp;</p>
<h2>Main Components</h2>
<p>The Startup Ecosystem Canvas is built sequentially, so that a community can be mapped in a way that is both clear and helpful for new entrepreneurs.&nbsp;</p>
<h3>1. The Startup Stages</h3>
<p>The startup stages listed on the Canvas represent a common roadmap for entrepreneurs to launch a company using resources in their community. There are three Startup Stages, with each stage containing 3 sub-stages of 2 components each.&nbsp;</p>
<p>Is the roadmap perfect? No, because there is no single way to launch a startup.&nbsp;</p>
<p><strong>Also, it is important to note that Canvas is not meant to provide a rigid roadmap for entrepreneurs to build a company - rather, it is designed to provide a logically organized map of local resources to help entrepreneurs on their journey.&nbsp;</strong></p>
<p>What you see here is merely our best attempt to define a common roadmap that represents the median of inputs we have received from dozens of experts active in startup communities.&nbsp;</p>
<h4>Stage 1: Idea-Stage</h4>
<p>The idea stage is where new and early-stage entrepreneurs get inspired, learn the basics and best practices of building technology companies, develop their skills, validate their ideas with experts, and begin to build their team and product.&nbsp;</p>
<ol>
<li><strong>Inspire</strong></li>
<ol>
<li><span style="text-decoration: underline;">Startup Media</span>: Startup media typically provide centralized local startup information, listings, and news. For the purposes of the Canvas, these can range from things like local startup blogs and event listing services (ex. <a href="http://startupdigest.com" target="_blank">Startup Digest</a> and <a href="http://F6S.com" target="_blank">F6S</a>), to local mailing lists, newsletters, Facebook groups, or LinkedIn Groups.&nbsp;</li>
<li><span style="text-decoration: underline;">Inspirational Events</span>: These are the events that welcome people into the startup community, and inspire those with ideas to think about launching a company. In most markets, this includes events like <a href="http://StartupWeekend.com" target="_blank">Startup Weekend</a>, university event series&rsquo;, idea fairs, and inspirational Meetups.&nbsp;</li>
</ol>
<li><strong>Educate</strong></li>
<ol>
<li><span style="text-decoration: underline;">Best Practices</span>: These events are less about inspiration, and more about knowledge-sharing and learning the startup best practices. In other words, these events serve to educate rather than inspirate. Common examples include <a href="http://www.1millioncups.com/" target="_blank">1 Million Cups</a>, <a href="http://founder-institute.meetup.com/" target="_blank">Startup Founder 101 Meetups</a>,&nbsp;<a href="http://startupgrind.com" target="_blank">Startup Grind</a>,&nbsp;and more.</li>
<li><span style="text-decoration: underline;">Training &amp; Feedback</span>: With idea in hand, bootcamps and training programs that provide feedback can help aspiring entrepreneurs build and validate their ideas. Examples include programs like the <a href="http://FI.co/" target="_blank">Founder Institute</a>, <a href="https://generalassemb.ly/" target="_blank">General Assembly</a>, <a href="https://www.leanstartupmachine.com/" target="_blank">Lean Startup Machine</a>, and more.&nbsp;</li>
</ol>
<li><strong>Validate</strong></li>
<ol>
<li><span style="text-decoration: underline;">Team Formation</span>: Obviously, team formation for startups is key. While you can argue that all startup events facilitate networking and team formation, this section should only include resources that specifically facilitate networking and early-stage team-building; like <a href="https://www.cofounderslab.com/" target="_blank">CoFoundersLab</a>, <a href="http://founderdating.com/" target="_blank">FounderDating</a>, and more.</li>
<li><span style="text-decoration: underline;">Build First Product</span>: Budding entrepreneurs can get help building (or start building) their MVP and first versions of their product through many resources, and the most common ones include hackathons, builder-focused events and workshops, and more.</li>
</ol></ol>
<h4>Stage 2: Launch-Stage</h4>
<p>In this stage, entrepreneurs establish and formalize the company, develop their product, get feedback from customers, and prepare for the next step.&nbsp;</p>
<ol>
<li><strong>Start</strong></li>
<ol>
<li><span style="text-decoration: underline;">Establish</span>: This includes resources to help entrepreneurs set up the legal and financial frameworks for their companies, like local law firms and banks that <em>specialize in addressing the unique challenges of startups</em>.&nbsp;</li>
<li><span style="text-decoration: underline;">Workspace</span>: Co-working and flexible workspaces can provide a good breeding ground for new companies. As we are still in the "Launch-Stage", permanent office space is not included at this juncture.&nbsp;</li>
</ol>
<li><strong>Develop</strong></li>
<ol>
<li><span style="text-decoration: underline;">Formalize</span>: As a company and team begin to grow, they often need resources to help them more formally set up their infrastructure (accounting, HR, recruitment, product, etc). This section can include accountants, headhunters, software development houses, and more.</li>
<li><span style="text-decoration: underline;">Prepare for Seed</span>: Seed funding is a big milestone for most startup teams, and many ecosystems have advanced events and mentorship programs to help teams prepare for seed. This includes&nbsp;<a href="http://swnext.com" target="_blank">Startup Weekend Next</a> and other pre-accelerator events and workshops.&nbsp;</li>
</ol>
<li><strong>Launch</strong></li>
<ol>
<li><span style="text-decoration: underline;">Seed Accelerators</span>: The next step in the equation for most ecosystems is a local seed accelerator, like <a href="http://TechStars.com" target="_blank">TechStars</a>, <a href="http://Seedcamp.com" target="_blank">Seedcamp</a>, or any accelerator built upon the <a href="http://ycombinator.com" target="_blank">Y Combinator</a> model.&nbsp;</li>
<li><span style="text-decoration: underline;">Pitch &amp; Demo</span>: Whether a company goes through an accelerator or not, they often need a way to present their company to a large number of angel investors in order to garner a large seed investment. Pitch events and demo days can provide this opportunity.&nbsp;</li>
</ol></ol>
<h4>Stage 3: Growth-Stage</h4>
<p>Here, a startup proves their utility, receives recognition, and scales up. This usually requires funding and other resources to drive growth.&nbsp;</p>
<ol>
<li><strong>Recognition&nbsp;</strong></li>
<ol>
<li><span style="text-decoration: underline;">Investor Networking</span>: Many ecosystems have ways to connect professional investors with founders, like events, groups, and associations. Examples could include things like <a href="http://www.keiretsuforum.com/" target="_blank">Keiretsu Forum</a>, or local venture capital associations.&nbsp;</li>
<li><span style="text-decoration: underline;">Major Media</span>: The major media can play a role in the startup ecosystem as well, by providing exposure for companies to mainstream audiences. In this section, you should list any major local media channel that champions local companies.&nbsp;</li>
</ol>
<li><strong>Funding</strong></li>
<ol>
<li><span style="text-decoration: underline;">Angels / Micro-VCs</span>: These investors focus on the seed-stage, and can include "Micro-VCs" (AKA "Super Angels"), Angel Syndicates, and individual angel investors.&nbsp;</li>
<li><span style="text-decoration: underline;">Venture Capitalists</span>: These investors typically participate in the Series A stage and beyond, such as institutional venture funds.</li>
</ol>
<li><strong>Growth</strong></li>
<ol>
<li><span style="text-decoration: underline;">Infrastructure</span>: With capital in hand (whether via funding or revenue), a company will often need to invest in infrastructure to grow. This includes expenditures like office space, HR, business insurance, and more.</li>
<li><span style="text-decoration: underline;">Expansion</span>: In many cases, capital-rich companies will also look for new areas of growth, such as new product lines or international markets. Consultants, corporate accelerators, and growth accelerators/ consultants typically can help provide assistance in local markets. &nbsp;</li>
</ol></ol>
<h3>&nbsp;</h3>
<h3>2. The Supporters</h3>
<p>To facilitate the startup stages, every ecosystem needs strong supporters like (1) Evangelists, (2) Government, and (3) Talent.</p>
<h4>Evangelists&nbsp;</h4>
<p>Evangelists are people that have taken a leadership position in a community by frequently speaking at startup events, leading or mentoring various startup programs, and generally "paying-it-forward".&nbsp;</p>
<p>In&nbsp;<em><a href="http://www.startuprev.com/books-communities" target="_blank">Startup Communities</a></em>, Feld says &ldquo;the startup community must be led by entrepreneurs&rdquo;. We could not agree more, so the more evangelists you have that are successful entrepreneurs, the better.&nbsp;</p>
<h4>Government</h4>
<p>Public organizations that facilitate local economic development should not drive a startup community, but they can play a very important support role via policy, funding, events, and more. This can include Chambers of Commerce, Economic Ministries, Public Innovation and Economic Development organizations, etc.</p>
<p>In&nbsp;<em><a href="http://www.startuprev.com/books-communities" target="_blank">Startup Communities</a></em>, Feld classifies supporting organizations like these as the "feeders" to a startup ecosystem - but not the "leaders".</p>
<h4>Talent&nbsp;</h4>
<p>Local universities and employers can have a large impact on a local startup ecosystem by attracting, developing, and retaining a high quality pool of local talent.</p>
<ol>
<li><strong>Local Universities </strong>include any colleges or universities with prominent technical or business programs.</li>
<li><strong>Local Employers</strong>&nbsp;include any major companies that employ a large local workforce.&nbsp;</li>
</ol>
<p>&nbsp;</p>
<h3>3. The Output: Success Stories</h3>
<p>When you add up all the Startup Stages and the Supporters, hopefully the output is successful homegrown companies.</p>
<p>"Successful" is obviously a relative term, so depending on the maturity of a given ecosystem this could include homegrown companies that have achieved significant milestones like raising institutional funding, generating significant revenue, employing a large workforce, or achieiving liquidity.&nbsp;</p>
<h2>&nbsp;</h2>
<h2>How to Use the Startup Ecosystem Canvas</h2>
<p>Anyone interested in making their local startup ecosystem more transparent can download the&nbsp;<a href="http://FI.co/canvas_template" target="_blank">Startup Ecosystem Canvas template</a>&nbsp;- which is available in both worksheet and Google Doc form. Do with it what you like, but to make your canvas as useful as possible, follow these guidelines:&nbsp;</p>
<ol>
<li><strong>Each resource should only be listed once on the Canvas.&nbsp;</strong>This is the most important guideline, because a Canvas with resources listed multiple times will become unwiedly, and ripe for abuse (I have seen many organizations basically try to list themselves in every category - um, not helpful!). When assisgning an appropriate category for a resource, simply choose the&nbsp;<em>earliest&nbsp;</em>category that the resource<em>&nbsp;primarily</em>&nbsp;serves. Also, if one resource has several "brands" (ex. an accelerator that has a separate co-working space or free event series), it is perfectly appropriate to list out those brands as separate resources.&nbsp;</li>
<li><strong>List all resources in alphabetical order.</strong>&nbsp;This helps deter favoritism and keeps your canvas as objective as possible.</li>
<li><strong>Open up contributions from your local community.&nbsp;</strong>Every canvas we have made has gotten contributions from many different sources in the community, and we have even released early versions of the canvas' on local media, mailing lists, and Facebook groups to get feedback as well. In our experience, releasing a somewhat complete version for community feedback is the best method, and no matter what, you will never be able to make everyone in your ecosystem happy (so don't try).&nbsp;</li>
<li><strong>The Startup Ecsosystem Canvas was created to make your ecosystem more transparent and inviting to newcomers. Keep this goal in mind.</strong></li>
</ol>
<p>&nbsp;</p>
<h3>The Startup Ecosystem Infographic</h3>
<p>After you map out an ecosystem with the Canvas, will anybody care? How can you spread it around your ecosystem so that it reaches new entrepreneurs and starts to drive transparency?</p>
<p>To tackle this problem, we decided to create a <strong>Startup Ecosystem Infographic</strong> for cities with completed Canvases. Using infographics like the one below, we have been successful in getting distribution across local media, mailing lists, groups, and social media - with extremely high virality. People really do love their infographics :).&nbsp;</p>
<p style="padding-left: 60px;"><a href="http://FI.co/karachi_canvas" target="_blank"><img src="http://FI.co/system/upload/karachi_startup_ecosystem_canvas_v2.png" alt="" width="678" height="1794" /></a></p>
<p>&nbsp;</p>
<p>See some examples of press we have received in&nbsp;<a href="http://www.tportal.hr/gadgeterija/tehnologija/357004/Najvazniji-resursi-za-hrvatske-startupove-na-jednom-mjestu.html" target="_blank">Croatia</a>, <a href="http://webrazzi.com/2014/11/14/founder-institute-istanbul-girisimcilik-ekosistemini-tek-kanvasta-topladi/" target="_blank">Istanbul</a>, <a href="http://www.techjuice.pk/karachi-founder-institute-released-infographic-of-100-startup-resources-in-the-city/" target="_blank">Karachi</a>, and <a href="http://sdasia.co/2014/12/13/comprehensive-list-100-startup-resources-dhaka/" target="_blank">Dhaka</a>, and see all the Ecosystem Infographics at <a href="http://FI.co/canvas" target="_blank">http://fi.co/canvas</a>.&nbsp;</p>
<h2>&nbsp;</h2>
<h2>Our Call To Action</h2>
<p>We have seen first hand how fragmentation can hurt a startup ecosystem.&nbsp;</p>
<p><strong>In order to promote transparency in startup ecosystems across the globe, the Founder Institute will create these local infographics for you, for free.</strong> If you would like a Startup Ecosystem Infographic created for your community, simply follow the guidelines and <a href="http://FI.co/canvas_feedback" target="_blank">send us your completed canvas</a>, and then we will devote the design resources to create the infographic for you ASAP.&nbsp;</p>
<p><strong>Also, I'd love to hear your feedback on the project. </strong>I consider the Startup Ecosystem Canvas a perpetual work in progress, and this is merely v1. In soft-launching the project in a few isolated markets over the last few months, the feedback I have received has been overwhelmingly positive, but I fully expect to make more changes. You can <a href="http://FI.co/canvas_feedback" target="_blank">leave private feedback here</a>, or join the discussion on Twitter using the hashtag <a href="https://twitter.com/hashtag/ecosystemcanvas?f=realtime" target="_blank">#ecosystemcanvas</a>.</p>
<p>If you'd like learn more about the Startup Ecosystem Canvas, check out&nbsp;<a href="http://FI.co/canvas" target="_blank">http://fi.co/canvas</a>, or see the presentation below:&nbsp;</p>
<p>&nbsp;</p>
<p style="padding-left: 180px;"><iframe src="http://www.slideshare.net/slideshow/embed_code/45097526" width="476" height="400" scrolling="no"></iframe></p>
<p>&nbsp;</p>
<p>Enjoy!</p>Sun, 22 Feb 2015 19:55:00 -0800http://FI.co/posts/13401
The Lean Branding Approach to Business Naming<p>For most, if not all, entrepreneurs crafting the perfect name for a company is a daunting task. Not only must a business brand be memorable, but it must also encapsulate the values and mission of the business.</p>
<p>Fortunately,&nbsp;<a href="https://plus.google.com/116105513881874030085/posts" rel="author" target="_blank">Margot Bushnaq</a>, founder of&nbsp;<a href="https://www.brandbucket.com/" target="_blank">BrandBucket</a>, has delineated a simple yet effective method for creating an impactful and meaningful brand for your startup.</p>
<p><strong><em>The blog post, "<a href="https://www.brandbucket.com/blog/lean-branding-approach-to-business-naming" rel="canonical" target="_blank">The Lean Branding Approach to Business Naming</a>", originally appeared on <a href="https://www.brandbucket.com/blog/" target="_blank">BrandBucket's blog</a> and has been republished with permission below:</em></strong></p>
<blockquote>The secret of getting ahead is getting started.&rdquo; - Mark Twain</blockquote>
<p>When people think about naming their company, a lot of things come to mind. They think about coming up with the perfect name. They think about it being a very critical decision. They think they will need a lot of outside opinions. And they think about all of this taking a very long time.</p>
<p>Talk to any entrepreneur and you&rsquo;ll hear stories about &nbsp;how hard it is to start working on your company without a name. When you can&rsquo;t talk about it, when you can&rsquo;t create a label on a folder or a title on a whiteboard, you&rsquo;re constantly distracted and pulled towards thoughts of naming. Without a business name you can&rsquo;t truly get down to work.</p>
<p>But you need to start working.</p>
<h3>The Lean Branding Approach</h3>
<p>Thinking &ldquo;lean&rdquo; can help you get over the hurdle of choosing a business name. However, don&rsquo;t confuse lean with &ldquo;cheap&rdquo; like some people do. As the founder of The Lean Startup Eric Ries puts it, &ldquo;Lean Startup isn&rsquo;t about being cheap [but is about] being less wasteful and still doing things that are big.&rdquo; Lean Branding is about being smart about how you work, being mindful of your time, and being open to resources that help you do both.</p>
<p>Lean Branding is also about getting to your starting point as quickly as possible, so that you can start testing how your brand resonates with customers. No brand is perfect from the get-go, but following the lean methodology allows you to put a message out there, test it, and refine it.</p>
<p><strong>Make the Choice Easier</strong></p>
<p>Making a decision is exhausting (really! Google &ldquo;decision fatigue&rdquo; or read the New York Times article on the topic.) Anything you can do to reduce the number of viable options for your choice helps you save time and make a better decision. When it comes to business names, you should be diligent about only bringing names to the table that are available and quickly attainable, even if it means excluding some names that may seem &ldquo;ideal&rdquo; or &ldquo;a perfect fit&rdquo;.</p>
<p>If you are looking to have a matching domain name/website name for your business (important!), and you are set on a .com (also important!) then your choices get more narrow. It&rsquo;s a fact of life in the Internet age that a large portion great domain names are already registered, but fortunately many of these are not in use and the owners are willing to part with them.</p>
<p>Here are our four key tips for business owners searching for a business name and domain name:</p>
<ul>
<li><strong>Streamline the brainstorming cycle.</strong></li>
</ul>
<p style="padding-left: 30px;">The traditional brainstorming session involved gathering lots of ideas, then vetting each one. Is the name available? Is it even a good business name? The lean approach is to work backwards and start with a list of names that areavailable and that have already passed the &ldquo;good name&rdquo; test by people who you trust and who know their wayaround naming and branding.</p>
<ul>
<li><strong>Decide and execute.</strong></li>
</ul>
<p style="padding-left: 30px;">If you are purchasing a domain name from an existing owner, don&rsquo;t allow yourself to haggle. Just move on if there isno option to &ldquo;Buy Now&rdquo;. The time spent in negotiation is time better spent working. It may also lead to a dead end,and you&rsquo;ll have to start over.</p>
<ul>
<li><strong>Be happy with your decision.</strong></li>
</ul>
<p style="padding-left: 30px;">If your choice of business name feels good to you, then you will be able to build a compelling story around it.Dwelling on a name you weren&rsquo;t able to get isn&rsquo;t productive, and prevents you from truly committing and movingforward.</p>
<ul>
<li><strong>Be accepting of change.</strong></li>
</ul>
<p style="padding-left: 30px;">Sometimes the lean branding cycles of customer feedback will make it clear that your name choice was not the right one. Don&rsquo;t be afraid of starting over. Fortunately, a good domain name is an asset that doesn&rsquo;t lose value, and it may work for someone else so you can recoup some or all of your cost.</p>
<p><strong>Simply Put&hellip;</strong></p>
<p>Lean branding is not about shortcuts, savings, and settling. Lean branding is about being smart, streamlined, and speedy. And most of all, it&rsquo;s about starting.</p>
<p><em><strong><a href="https://www.brandbucket.com/" target="_blank">BrandBucket</a> offers a selection of quality hand-picked premium business names with &nbsp;available domains for sale as ready-to-use brand names for startups, new products, apps or blogs. For more information on BrandBucket, be sure to visit their <a href="https://www.brandbucket.com/" target="_blank">official website</a>.</strong></em></p>
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Feetz and Litesprite Selected as Finalists in the SXSW Accelerator Competition<p dir="ltr"><strong>On January 15th, the&nbsp;<a href="http://sxsw.com/interactive/accelerator" target="_blank">South by Southwest Interactive Festival</a>&nbsp;announced its Accelerator Finalists, judges, and emcees.&nbsp;<a href="http://www.feetz.co/what-we-do/" target="_blank">Feetz</a>&nbsp;and&nbsp;<a href="https://litesprite.com/" target="_blank">Litesprite</a>, two Founder Institute Graduates, were selected as SXSW Accelerator Finalists.</strong> The competition will showcase the most innovative technologies from around the world and the finalists will present their companies to live audiences and a panel of experts including entrepreneurs, investors, and industry influencers. &nbsp;</p>
<p>This competition provides a great opportunity for its finalists to receive funding. During the past six years, more than 50 percent of companies participating in the SXSW Accelerator competition have gone on to receive over $1.7 Billion in funding and 12 percent of the companies have been acquired. The winners of the competition will be invited to attend the 2016 SXSW Interactive conference, as well as gifts from sponsors of the event. However, the greatest aspect of attending this event will be exposure to other attendees and potential investors interested in the latest technology and innovation.</p>
<p dir="ltr">As the seventh annual competition hosted by SXSW, over 500 companies applied to take part in the competition, and from those, only 48 finalists were chosen. These finalists range from six categories including; Enterprise and Smart Data, Entertainment and Content, Digital Health and Life Sciences, Innovative World, and Social and Wearables. Two of the 48 Finalists are graduates of the Founder Institute. Feetz, a San Diego Graduate, was selected in the Wearable Technologies category and Litesprite, a Seattle Graduate, was selected in the Digital Health and Life Sciences Technologies category.</p>
<p dir="ltr">Based in Chattanooga Tennessee,&nbsp;<a href="http://www.feetz.co/what-we-do/" target="_blank">Feetz</a>&nbsp;creates custom made 3D printed shoes that provide the perfect fit for their wearers. Customers are able to design their shoes based on a wide range of styles and tailor them to their specific needs. Using their patented &ldquo;SizeMe&rdquo; technology, Feetz scans customers feet and uses a 3D printer to make comfortable and breathable shoes.</p>
<p>Seattle-based&nbsp;<a href="https://litesprite.com/" target="_blank">Litesprite</a>&nbsp;helps people improve their health through fun and interactive games that use the best medical science available. Their most recent game helps people learn to cope with stress and anxiety. They have been featured on NPR, Marketplace, and the SeattleMet magazine. &nbsp;</p>
<p><strong><em>I<strong>f</strong> you would like to learn more about&nbsp;<a href="https://litesprite.com/" target="_blank">Litesprite</a>&nbsp;or&nbsp;<a href="http://www.feetz.co/what-we-do/" target="_blank">Feetz</a>, you can check out their websites. To follow their progress in the competition, you can check out the&nbsp;<a href="http://sxsw.com/interactive/accelerator" target="_blank">Southwest Interactive Festival website here.</a></em></strong></p>
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Where Do You Fit In? A Founder’s Guide to Startup Roles<p>For many people who are considering a jump into the startup industry, there is one often mysterious question they must answer: "Where do I fit in?" If not as the founder of your own company, which startup position should you take? As Jason Freedman says, "We startups are collectively still really bad at helping them break into our tight-knit community." Ironically, there always seems to be a shortage of employees for small companies that are building their startup team.</p>
<p><strong><a href="https://plus.google.com/+JasonFreedman" rel="author" target="_blank">Jason Freedman</a>, is the founder of <a href="http://42floors.com/" target="_blank">42Floors</a>, a search tool that helps tenants discover and create their dream offices, and was <a href="http://FI.co/posts/1236" target="_blank">named one of the Founder Institute's top mentors</a> at the <a href="http://www.foundershowcase.com" target="_blank">14th Founder Showcase</a>.&nbsp;</strong></p>
<p><em>The blog post, "<a href="http://blog.42floors.com/want-get-startups-dont-know-start/" rel="canonical" target="_blank">I want to get into startups, but I don&rsquo;t know where to start</a>", originally appeared on the <a href="http://blog.42floors.com/" target="_blank">42Floors blog</a> and has been republished with permission below:</em></p>
<p>"<strong>I just chatted with this great guy, Alex, out of Boston who wants to get into startups. He graduated from a good college a couple of years ago.</strong> He&rsquo;s bounced around a couple of times in corporately jobs that aren&rsquo;t the right match and he is ready to take the leap. He took a couple of classes in computer science, so he&rsquo;s familiar with code but he&rsquo;s clearly not an engineer. He doesn&rsquo;t have (at least not yet) that founder&rsquo;s spark that propels him to build something on his own. Alex wants to join a startup. He just doesn&rsquo;t know where to start.&nbsp;</p>
<p>I should mention that Alex is awesome - super, super smart, with both natural analytical abilities and good social skills on the phone. Even from my brief conversation with him, I can tell he is ambitious and passionate. He&rsquo;s the type of guy lots of startups would like to have. Clearly he was low on experience, but he seems to be a fast learner so whatever he decides to do, I bet he&rsquo;ll pick it up quickly.</p>
<p>I realized after hanging up the phone with him that the startup community needs more people like him. For years when startups weren&rsquo;t cool, most top graduates went into finance, consulting and other big company jobs. Finally, our sector is on top and these young people that want to come and join us. That&rsquo;s awesome!</p>
<p>But we startups are collectively are still really bad at helping them break into our tight-knit community. Compare Alex&rsquo;s experience on his college campus a couple of years ago. Throughout the year, there were career fairs and on-campus interviews. While a few tech companies show up at the career fairs, mostly those are really big companies like Google or Microsoft or Yahoo. Virtually, no startups showed up unless it was a large startup and the founder herself had gone to that school.</p>
<p>It&rsquo;s no surprise that Alex mistakenly chose a big company over a startup straight out of school even though he was already interested in startups. There were literally hundreds of other companies ahead of us pitching careers in consulting and banking, or whatever. And those companies all have workshops where they teach you about their industry and what it&rsquo;s like to be a first time employee. There are career help books written about each industry.</p>
<p>The schools have learned all of this and repackaged it into career centers that give tailored advice. It&rsquo;s this whole machine that makes it easy to know exactly what you&rsquo;re doing as a new entrant into the job market. And when they do get that job, these big companies have expansive training programs to help their newest employees hit the ground running.</p>
<blockquote>It&rsquo;s no surprise that Alex mistakenly chose a big company over a startup straight out of school even though he was already interested in startups. There were literally hundreds of other companies ahead of us pitching careers in consulting and banking, or whatever."</blockquote>
<p>And we have nothing. Startups are nowhere to be found on campus colleges, maybe with the exception of Stanford and MIT.</p>
<p>If you&rsquo;re a recent or soon-to-be college grad, this post is for you. I thought it would be helpful, to show exactly what roles are available in a web startup and what you should do to prepare yourself.</p>
<p><span style="font-size: x-large;"><strong>Startup Roles</strong></span></p>
<p><span style="font-size: large;"><strong>The Engineer</strong></span></p>
<p>The largest gap between supply and demand is for engineers. Specifically, hackers that like to build stuff. Hopefully within your computer science courses you&rsquo;re learning the right principles, but make sure you&rsquo;re building stuff in modern languages and frameworks outside of class. The biggest thing we look for at 42floors is evidence of side projects. Side projects are when young hackers build things the way they want to build them. We love to see that people have gravitated towards the best tools for the job and are naturally creative. In most cases the people we like to hire can&rsquo;t help but build things for themselves in their spare time.</p>
<p>Out of all startup jobs, getting a job as an engineer has probably the most clarity. Spend your time honing your craft and you&rsquo;ll do just fine.</p>
<p><strong><span style="font-size: large;">The Product Person</span></strong></p>
<p>This is often called the product manager or PM for short, but you should probably omit the word management for the time being. If you&rsquo;re looking to break into startups for the first time you&rsquo;re not going to be managing anyone no matter how experienced you were in other jobs.</p>
<p>A product person loves building stuff and analyzing traffic. Often times they&rsquo;re also engineers or have some level of coding abilities but may lack an extensive background/interest in computer science. Product managers can usually do a little bit of each of these tasks: designing in Photoshop, customer development, working with engineers, rapid prototyping, analyzing conversion metrics and project management. And usually you&rsquo;ll be really, really good at at least one of those.</p>
<p>If you&rsquo;re interested in being a product person, you should just look at that list and fill in your own gaps. Focus specifically on the concrete skills like Photoshop or prototyping. Photoshop is an essential skill and you should just have it. And by rapid prototyping I mean the ability to build mockups of whatever idea you have in your head, either through writing your own code or by using any of the various SaaS products that make rapid prototyping easy. Being really good at using lots of different SaaS products to get stuff done is in itself a totally awesome skill to have.</p>
<p><strong><span style="font-size: large;">The Salesperson</span></strong></p>
<p>Sales people are non-stop hustlers. When you&rsquo;re entry level sales at a startup, you&rsquo;re picking up the phone 70 to 100 times a day. I find a lot of ex-athletes are both interested and good at this type of job (sorry to generalize, but it&rsquo;s true). They love the thrill of working hard and seeing a result. They&rsquo;re not afraid of repetitive tasks and they&rsquo;re fundamentally competitive with other sales person, which is intrinsic to a good sales culture. If you want to break into sales, think about joining a slightly larger startup because it&rsquo;s really helpful to have learned inside of a really good sales operation. There is no need to go really big like Salesforce or Oracle. Those will teach you bad habits. But doing sales at a reasonably sized late-stage startup, like Box.net, will teach you all the right skills that you can then take anywhere.</p>
<p>Regardless of where you decide to go, the single best preparation is to get good at getting the job itself. Sales people must be persistent. So demonstrate that in your job search process. Learn how to find that balance of respectful persistence. The very best junior salespeople get their start simply by not accepting rejections.</p>
<p>If this you, you should contact us - we want you on our team.</p>
<p><strong><span style="font-size: large;">Business Development</span></strong></p>
<p>While often lumped together, business development is slightly different than sales. These are for people that love networking, building relationships. They have a sense that they can nab a meeting with anyone, but they wouldn&rsquo;t last if they were expected to make a hundred phone calls a day. A few courses in business are super helpful because fundamentally business development people need to be making deals. &nbsp;If you take any one course to prepare you for this type of job it would be negotiations, and if your school doesn&rsquo;t have negotiations, there are plenty good books out there. I&rsquo;ve never met a good biz dev person who doesn&rsquo;t consider themselves awesome at poker, monopoly, settlers, etc.</p>
<p>This is a harder job to get for an entry level candidate, unless you&rsquo;re working at a really early stage company and have a personal relationship with the founders. Most people get into higher level business development by proving their skills at basic sales first.</p>
<p><span style="font-size: large;"><strong>Marketing</strong></span></p>
<p>There is still a little bit of traditional marketing left in startups, but not much. The stuff where you talk about brand and marketing messages and whatnot &ndash; those jobs have mostly gone away already. It still happens, but not by one dedicated person. If you want traditional brand marketing, stick to bigger companies.</p>
<p>Every good startup I know is currently hiring a growth hacker, which is really just a marketing position for a technical or mostly technical person. This could be a good role for you if you&rsquo;re super analytical about metrics and the first time you used a spreadsheet it became second nature. You want to be practiced in SEO and SEM. But more than anything, you need to be naturally good at pulling off shenanigans. I don&rsquo;t mean doing unethical stuff, I mean being able to hack together experiments quickly to see if they&rsquo;ll work. The best prep for this type of role is generally side projects as well. Do something that generates tons of adoption. In the course of it you&rsquo;ll learn all the tips and tricks.</p>
<p><strong><span style="font-size: large;">Account Management/Customer Service</span></strong></p>
<p>These can be great entry level roles. The two big skills you have to bring to the table are empathy and organization. Empathy can&rsquo;t really be taught, so if you don&rsquo;t have it, don&rsquo;t go down this road. But if you do have it you&rsquo;ll naturally be good at working with clients and helping understand their needs. And then organization is essential because in any good role, you&rsquo;ll have to do it at increasingly high volumes.</p>
<p>So really good account manager/customer service types are a little OCD about organization &ndash; they love experimenting with various CRM ticketing products like Zendesk, Streak, etc.</p>
<p>By the way, our little commercial real estate startup would love to have you join us.</p>
<p><strong><span style="font-size: large;">Office Managers</span></strong></p>
<p>This can be a super-fun job that can grow into a substantial career. The startup office manager, especially if he joins early on, gets to do a thousand different things. &nbsp;It&rsquo;s part office design, meal provider, HR exec, accountant, and more. Even more than the account manager, the office manager needs to be obsessed with organization. I also find that this particular position seems to almost always get filled by personal connections. There is something about having the right personality fit for that particular startup that is especially important. So, if you are interested in doing this, the most important thing is that you spend time around lots of startups.</p>
<p>***</p>
<p>There is a lot more we in the startup community need to do to make easier to join a startup, but hopefully this post at least helps get you started."</p>
<p><em><strong>For more insight from Jason, check out the blog at <a href="http://blog.42floors.com/" target="_blank">42Floors</a>&nbsp;and on Twitter <a href="https://twitter.com/jasonfreedman" target="_blank">@jasonfreedman</a>.</strong></em></p>
<p><span style="font-size: x-small;"><em><strong>&nbsp;(<a href="http://www.shutterstock.com/pic-160795796/stock-vector-corporate-hierarchy-chart-business-organization.html" target="_blank">Company organization image</a>&nbsp;via Shutterstock)</strong></em></span></p>
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Adeo Ressi Gives Insights on Tech Innovators, featured on Entrepreneur<p dir="ltr"><strong><a href="https://twitter.com/adeoressi" target="_blank">Adeo Ressi</a>, the Founder and CEO of the Founder Institute, was recently profiled by Entrepreneur in a Jason Ankeny-penned article titled &ldquo;<a href="http://www.entrepreneur.com/article/241477" target="_blank">Inside the Mindset of Silicon Valley's Tech Innovators</a>&rdquo;.</strong></p>
<p dir="ltr">Featuring insights from such entrepreneurial experts as Steve Blank, Justin Kan, Milo Yiannopoulos, and Ressi, the article examines the personalities and perspectives of some of the biggest technology pioneers to come out of Silicon Valley. While prevailing wisdom dictates that it&rsquo;s impossible to fully comprehend the psychological and emotional components of genius, recent studies have proven that behavioral studies and predictive analysis can provide us with a basic understanding of how visionaries work.</p>
<p dir="ltr"><strong>If you want to see if you have what it takes to become an entrepreneur,&nbsp;<a href="http://fi.co/dna" target="_blank">apply to the Founder Institute today</a>.</strong></p>
<p dir="ltr">Equipped with a proprietary Predictive Admissions Test, Adeo Ressi is determined to prove that entrepreneurial success can be predicted. Currently, the test can evaluate the behavior and aptitude of an applicant with 85 percent accuracy. According to Ressi, openness and fluid intelligence, both of which are assessed by the Predictive Admissions Test, weigh most heavily in determining whether an applicant has what it takes to launch a successful startup.</p>
<blockquote>Fluid intelligence is a measurement of one&rsquo;s ability to rapidly learn and apply a rule set. As an entrepreneur, you&rsquo;re rapidly dealing with different issues, and your ability to switch from one issue to another is very important. A high openness score means you&rsquo;re open-minded - you see the world for what it is - whereas a low openness score means you&rsquo;re incredibly closed-minded, and you see the world the way you want to see it, regardless of what is actually going on. Openness explains the ability to innovate and come up with big ideas because you&rsquo;re open to them, and fluid intelligence explains the ability to go and execute.&rdquo;</blockquote>
<p dir="ltr">However, even if an aspiring entrepreneur lacks high openness and/or high fluid intelligence, these factors do not automatically preclude one from building a prosperous company. According to Ressi, the bottom line is that true entrepreneurship is determined by how hard you&rsquo;re willing to work.</p>
<blockquote>We&rsquo;ve seen entrepreneurs of various different capacities build great companies. Some of the best NBA players are not big, tall guys - they&rsquo;re all different shapes and sizes. What they don&rsquo;t have in terms of height they make up for with real passion and conviction. There&rsquo;s no test to measure that, except the test of hard knocks. When you get punched in the face 10 times and get up and keep going, that&rsquo;s the ultimate test.&rdquo;</blockquote>
<p><em><strong>Are you ready to follow your entrepreneurial dreams? <a href="http://fi.co/dna" target="_blank">Take the first step and join the Founder Institute!</a></strong></em></p>Wed, 18 Feb 2015 13:20:00 -0800http://FI.co/posts/13361
A Sneak Peek Into The Founder Institute Advanced Founder Lab<p dir="ltr"><strong>The Founder Institute recently concluded its inaugural <a href="http://FI.co/founderlab" target="_blank">Founder Lab</a> program, in which various promising seed-stage startups from around the globe spent a week in Silicon Valley working with world-renowned entrepreneurs and investors.</strong></p>
<p dir="ltr">Despite the short duration of the program, participating companies went home with a fully refined pitch-deck, access to the Founder Institute&rsquo;s global network of founders and investors, and a tactical 2015 execution plan to raise funding, grow KPIs, develop product, and more.</p>
<p dir="ltr"><strong>If your company can benefit from exposure to Silicon Valley&rsquo;s most valuable startup resources, learn how you can join the the next <a href="http://FI.co/founderlab" target="_blank">Founder Lab</a> program.</strong></p>
<p dir="ltr">Each installment of this series focuses on a different topic, and will feature interviews with the founders themselves as they discuss learning about attracting investors, measuring and growing KPIs, designing a satisfying customer experience, and leveraging the media.</p>
<p dir="ltr">The video below gives you an introduction to the excitement and energy of the Founder Lab experience.</p>
<p style="padding-left: 60px;"><iframe src="https://www.youtube.com/embed/gOGvGvOq9n8" width="640" height="360"></iframe></p>
<p><em><strong>If you&rsquo;re interested in learning more about what the Founder Lab has to offer, <a href="http://FI.co/founderlab" target="_blank">click here for more information</a>.</strong></em></p>Tue, 17 Feb 2015 19:10:00 -0800http://FI.co/posts/13281
A Beginner’s Guide to Brand Storytelling<p style="padding-left: 30px;" dir="ltr"><em><strong>&ldquo;Make sure your brand stories are page turners&rdquo; ~ Susan Gunelius</strong></em></p>
<p dir="ltr"><em><strong></strong></em>Storytelling is an irreplaceable component of our lives. We think, dream, and communicate through stories. <a href="http://sciencehsu.com/about/" target="_blank">Jeremy Hsu</a>, a science and tech journalist based in NYC, found that "personal stories and gossip make up 65% of our conversations." Narratives appeal to our senses, emotions, and are capable of transporting us into a world of audacious characters and challenging circumstances. An effective story is personal and emotionally compelling, engaging a larger portion of the brain. Research from <a href="http://www.pauljzak.com" target="_blank">Doctor Paul J. Zak</a> confirms,</p>
<blockquote>
<p>Facts and data speak to the analytical part of our brain&mdash;the part that zones out. Stories on the other hand, makes us feel something.&rdquo;</p>
</blockquote>
<p>Have you ever given a speech plagued by crude amounts of information, and watched as your audience squirmed in the crevices of their seats? Trust me, we all have, and this uncomfortable situation could have been fixed if a compelling or relatable story was added to your keynote. If you want people to remember you or anything you exemplify, leave a lasting impression with an illustrated experience. In an article from the <a href="http://greatergood.berkeley.edu/membership?utm_source=ad_900x111" target="_blank">Greater Good Science Center of UC Berkeley</a>, Doctor Paul J. Zak states,</p>
<p>&ldquo;We discovered that there are two key aspects to an effective story. First, it must capture and hold our attention. The second thing an effective story does is &ldquo;transport&rdquo; us into the characters&rsquo; world, &ldquo; Zak adds, &ldquo;Once a story has sustained our attention long enough, we may begin to emotionally resonate with story&rsquo;s characters. Narratologists call this &ldquo;transportation,&rdquo; and you experience this when your palms sweat as James Bond trades blows with a villain on top of a speeding train.&rdquo;</p>
<p>Stories not only transport and enrapture, they also shape our thinking and the way we establish meaning. <a href="http://psych.princeton.edu/psychology/research/hasson/" target="_blank">Dr. Uri Hasson</a>, an Associate Professor of Psychology from Princeton, says the brains of the person telling a story and person listening completely synchronize. Through research, Hasson has discovered that a story is the only way to activate certain parts in the brain so that a listener turns the story into their own idea and experience. He explains,&ldquo;whenever we hear a story, we want to relate it to one of our existing experiences.&rdquo;</p>
<p><strong>This post will help you answer these questions: </strong>What story can you tell to fascinate and capture the attention of your target audience? How you will narrow down your data and substitute facts with fascinating accounts of triumph? What story will you place behind your brand that will resonate with your future users? Think about a one-of-a-kind depiction&nbsp;you can share to effectively communicate your value proposition.</p>
<h3>The Importance of Storytelling as a Startup</h3>
<p dir="ltr">The Internet is a vast boundless place, now conquered by native advertising and search engine marketing. It&rsquo;s saturated with both useless and useful information, in which over <a href="http://www.iab.net/media/file/IAB_Internet_Advertising_Revenue_Report_FY_2013.pdf" target="_blank">$50 billion a year is spent on online advertising</a>. As you begin to develop and promote a meaningful message behind your brand, users will start to place you in either or category; useless or useful. Thus it beseems every entrepreneur to learn how to craft personal stories that intrigues and adopts a loyal niche audience.</p>
<p>Brand Storytelling encompasses the reason why your company came to be, the types of customers who find value in your brand and why, positive experiences from your employees, or even a&nbsp;birds-eye-view&nbsp;into what exactly your business is trying to accomplish.</p>
<p>We&rsquo;ve established that people pay closer attention to warm-hearted stories than spreadsheets. Your customers want to be moved, spiritually touched, and inspired. Vendors, partners, investors, and even your team will base their decision of entrusting you, depending on the way you convey your startup&rsquo;s purpose. Here&rsquo;s a list of six reasons why startup storytelling is critical:&nbsp;</p>
<ol>
<li dir="ltr">
<p dir="ltr"><strong>Stories reincarnate experiences.</strong></p>
</li>
<li dir="ltr">
<p dir="ltr"><strong>Stories reveal what makes you unique.</strong></p>
</li>
<li dir="ltr">
<p dir="ltr"><strong>Stories shape information into meaning.</strong></p>
</li>
<li dir="ltr">
<p dir="ltr"><strong>Stories act as the emotional glue that connect you and your customers.</strong></p>
</li>
<li dir="ltr">
<p dir="ltr"><strong>Stories motivate action towards completing a goal.</strong></p>
</li>
<li dir="ltr">
<p dir="ltr"><strong>Stories are more likely to be shared.</strong></p>
</li>
</ol>
<p><em>What&rsquo;s your goal? Who is your target, and what is your story?</em> Creating an array of relevant stories that incorporate these answers will help you get more people to support your brand. Listed below are different audiences you will need to construct your story for: &nbsp;</p>
<ul>
<li dir="ltr">
<p dir="ltr"><strong>Targeting Customers:</strong> Everyone has the ability to share a story that another person has experienced. Using stories to appeal to buyers is one of the most effective ways to rise above the noise. <a href="http://contentmarketinginstitute.com/what-is-content-marketing/" target="_blank">Content marketing</a> has taken off, especially for small businesses, where information is repurposed to target customers. <a href="http://calacanis.com" target="_blank">Jason Calacanis</a>, Founder of WeBlogs, spent his first years as an entrepreneur profiling and creating content around the same people he wanted to read his publication.</p>
</li>
</ul>
<ul>
<li dir="ltr">
<p dir="ltr"><strong>Gain Investment:</strong> From wooing a room of stiff investors, to creating an enticing video for a crowdfunding campaign, stories can also persuade people to invest (or donate) to your business. It is often said, &ldquo;VCs are much more likely to invest in the person rather than the idea.&rdquo; In this particular situation, your mission is to transfer the enthusiasm you feel for your brand to everyone in the room (or behind the screen). &nbsp;In the post &ldquo;<a href="http://FI.co/posts/1069" target="_blank">How to Nail the Pitch: 17 Storytelling Tips for Startups</a>&rdquo;, Founder &amp; CEO of Skweal&nbsp;<a href="https://www.linkedin.com/in/tylercrowley" target="_blank">Tyler Crowley</a>&nbsp;states,</p>
</li>
</ul>
<p style="padding-left: 30px;">&ldquo;Anticipate the questions you might get from your audience. (&ldquo;What&rsquo;s your market size?&rdquo; and &ldquo;How will you make money?&rdquo; are two that almost always come up.) Weave the answers into your story for longer pitches, or save the answers for the Q&amp;A for shorter pitches.&rdquo;</p>
<p style="padding-left: 30px;">Another storytelling all-star <a href="https://www.linkedin.com/in/junhaohu" target="_blank">Dr. Junhao Hu</a>, founder of <a href="http://darma.co" target="_blank">Darma</a>&nbsp;and&nbsp;<a href="http://FI.co/apply/singapore" target="_blank">Singapore Founder Institute Graduate</a>, was incredibly successful in creating buzz during the first week of his Kickstarter campaign, raising <a href="http://FI.co/posts/10921" target="_blank">$100K in the first day</a>. Hu created a video that used a love story to express the value proposition of his smartseat. Watch below:</p>
<p style="padding-left: 150px;"><iframe src="https://www.kickstarter.com/projects/junhao/darma-sit-smart-for-a-healthy-body-and-mind/widget/video.html" width="480" height="360" scrolling="no"> </iframe>&nbsp;</p>
<ul>
<li><strong>Team Recruitment:</strong> What motivates your team to wake up and come to work everyday? A transparent view of the people behind the company, and why they choose to work for you, has the power to intrigue potential applicants. Many businesses now create fun videos of employees interacting with each other in the office.&nbsp;<a href="https://www.dropbox.com/home" target="_blank">Dropbox</a>&nbsp;took a creative approach in portraying employees:</li>
</ul>
<p style="padding-left: 120px;"><iframe src="https://www.youtube.com/embed/-ZuxQcp84o0" width="560" height="315"></iframe></p>
<h3 dir="ltr">Story Themes and Business Examples</h3>
<p dir="ltr"><em><strong>&ldquo;You launching is not a story. Your baby is not special, how do you make people care?" ~ <a href="https://twitter.com/jonnystartup" target="_blank">Jonathan Greechan</a>.&nbsp;</strong></em></p>
<p dir="ltr">If it weren&rsquo;t for stories, your brand wouldn&rsquo;t mean much to your audience. Narratives that create a real connection, result in a potential buyer, user, or evangelist for your brand. So where do you begin to construct the &ldquo;meat&rdquo; of your brand story? By first settling on one to two themes that would prompt your audience to reverberate the message. Listed are seven themes to choose from: &nbsp;</p>
<p dir="ltr"><strong>Drama: </strong>Oh yes, we like drama. We feed on drama, from reality shows to news segments. Paul Zak quotes, &ldquo;From a storytelling perspective, the way to keep an audience&rsquo;s attention is to continually increase the tension in the story.&rdquo; Good vs. evil, David vs. Goliath, controversy; drama embodies a theme that the general public consistently enjoys.</p>
<p>In the UPS video story &ldquo;<a href="http://blog.ups.com/2012/11/01/the-logistics-of-saving-lives-keeping-cool-through-a-challenging-delivery-video/" target="_blank">Keeping Cool Through a Challenging Delivery</a>,"&nbsp;viewers very&nbsp;quickly&nbsp;learn the important role the company plays when handling and shipping medicine for the sake of human lives.</p>
<p style="padding-left: 120px;"><iframe src="https://www.youtube.com/embed/PDwDqMj0kWI" width="560" height="315"></iframe></p>
<p><strong>The Hero:</strong> Pinpoint a main character to act as the symbol of your company; someone who also happens to be the ideal customer for your product. Are you the hero saving your&nbsp;clientele, or is a protagonist advocating the benefits of your brand? People (the &ldquo;who&rdquo;) are more interesting than companies (the &ldquo;what&rdquo;). Introduce your hero in a dramatic fashion, your characters should move the audience emotionally to hear your call to action. In the article, &ldquo;<a href="http://www.businessinsider.com/2008/8/jason-calacanis-on-how-to-get-pr-for-your-startup-fire-your-pr-company#ixzz3RaQ6galS" target="_blank">Jason Calacanis On How To Get PR For Your Startup: Fire Your PR Company</a>,&rdquo; Jason Calacanis explains,</p>
<p>&ldquo;A recent analysis identifies this &ldquo;hero&rsquo;s journey&rdquo; story as the foundation for more than half of the movies that come out of Hollywood, and countless books of fiction and nonfiction. And, if you take a look, this structure is in the majority of the most-watched TED talks.&rdquo; He adds, &ldquo;Stories can motivate us, like the characters in them, to look inside ourselves and make changes to become better people.&rdquo;</p>
<p>Companies like <a href="https://www.geico.com" target="_blank">Geico </a>and <a href="http://www.progressive.com" target="_blank">Progressive</a> have done a great job using a "hero" to be in the forefront of their storytelling efforts. Below is an excellent example of how Progressive used their heroine Flo to explain their value proposition in this funny and trendy commercial:</p>
<p style="padding-left: 120px;"><iframe src="https://www.youtube.com/embed/z8x2I5UJcWg" width="560" height="315"></iframe></p>
<p dir="ltr"><strong>Purpose (The Quest):</strong> What is the underlying mission your company is striving to accomplish? What problem are you solving? How will you get from point A to point B? In Seth Godin&rsquo;s blog, &ldquo;<a href="http://sethgodin.typepad.com/seths_blog/2006/04/ode_how_to_tell.html" target="_blank">Ode: How to tell a great story</a>,&rdquo; he quotes,</p>
<blockquote>
<p>Great stories make a promise. They promise fun, safety or a shortcut. The promise needs to be bold and audacious. It&rsquo;s either exceptional or it&rsquo;s not worth listening to.&rdquo;</p>
</blockquote>
<p>He advises companies to focus on turning &ldquo;me&rdquo; into &ldquo;we&rdquo;. &ldquo;Tell a story that shines the light on an interest, goal, or problem that both the teller and the listener share.&rdquo; For example, when Dropbox first launched, they created an animated story on how their brand's mission will change the way people organize and share online files:</p>
<p style="padding-left: 120px;"><iframe src="https://www.youtube.com/embed/OFb0NaeRmdg" width="560" height="315"></iframe></p>
<p style="padding-left: 30px;">&nbsp;</p>
<p dir="ltr"><strong>The Wow Factor: </strong>What makes you great? What does your company do to go above and beyond customer expectations? In a <a href="http://www.chron.com" target="_blank">Houston Chronicle</a> article, &ldquo;<a href="http://smallbusiness.chron.com/wow-factor-business-20614.html" target="_blank">The Wow Factor in Business</a>,&rdquo; &nbsp;Professor<a href="https://www.linkedin.com/pub/neil-kokemuller/4/290/184" target="_blank"> Neil Kokemuller</a> exclaims,</p>
<p>&ldquo;The &lsquo;Wow&rsquo; factor offers small business and other companies with certain marketplace disadvantages the opportunity to differentiate themselves from the competition for customers looking for more than just a good price.&rdquo;</p>
<p>&nbsp;Recently, HP launched <a href="https://sprout.hp.com" target="_blank">Sprout computers</a>. The promotional video demonstrated the &ldquo;wow-factor&rdquo; of their product.</p>
<p style="padding-left: 120px;"><iframe src="https://www.youtube.com/embed/IBnf_lHxPdE" width="560" height="315"></iframe></p>
<p><strong>Rags to Riches: </strong>Where were you in life before becoming an entrepreneur? How have you or your business transformed? How have your customers' lives become enriched after using your product? Once you&rsquo;ve answered one of these questions, you can begin to form an affable narrative. From stories like Annie to Jane Eyre, this theme inspires and provides hope for better to come.</p>
<p>Udemy is a great example of how customers have gone from &ldquo;rags to riches&rdquo; by creating excellent online courses through the site. These success stories have been featured in many online publications with stories ranging from teachers <a href="http://www.smh.com.au/small-business/entrepreneur/this-teacher-earned-50k-in-two-months-20150127-12vypf.html" target="_blank">earning 50K in two months, </a>to entrepreneurs being able to <a href="http://www.businessinsider.com/how-to-earn-money-online-2015-1" target="_blank">put down payments on a house</a>. Although Udemy hasn&rsquo;t capitalized on their success stories quite yet, their loyal fan base has begun creating videos to help others make money on Udemy:</p>
<p style="padding-left: 90px;"><iframe src="https://www.youtube.com/embed/iyW7pD27aaM" width="640" height="360"></iframe></p>
<p><strong>Tragedy: </strong>Was your customer once a hero whose fallen abruptly from their tenure? Has your client made a bad decision that only YOU can help them with? If so, you may want to surround your brand&rsquo;s story around tragedy. According to <a href="http://condor.depaul.edu/dsimpson/tlove/comic-tragic.html" target="_blank">Depaul University</a>, &nbsp; &nbsp;</p>
<p>&ldquo;A true tragedy should evoke pity and fear on the part of the audience. &nbsp;According to Aristotle, pity and fear are the natural human response to spectacles of pain and suffering--especially to the sort of suffering that can strike anybody at any time.&rdquo;</p>
<p>Apple recently produced an ad that turned the death of a grandfather into a charming story of how a girl used an apple product to eternalize memories of him through music.</p>
<p style="padding-left: 120px;"><iframe src="https://www.youtube.com/embed/WRsPnzcZ1VY" width="560" height="315"></iframe></p>
<p><strong>Triumph (Overcoming the Monster):</strong> What barriers have you or your brand overcome to be where you are today? Triumph, the classic redemption story, is about metamorphosis through travel and homecoming. <a href="http://thescriptlab.com/screenwriting/story/development/1005-top-10-central-themes-in-film?showall=&amp;start=8" target="_blank">The Script Lab </a>further explains,</p>
<p>&ldquo;The theme of Triumph Over Adversity almost always revolves around an exceptional person in a horrible and hopeless situation. Whether they are born into it or fall into it, these stories show how the human spirit can rise up time and time again over tyranny, injustice, or just plain bad luck.&rdquo;</p>
<p>Brands like Nike and Gatorade do an awesome job applying this theme. Nike created a commercial of Usain Bolt, the world&rsquo;s fastest man, to inspire their audience.&nbsp;</p>
<p style="padding-left: 150px;"><iframe src="https://www.youtube.com/embed/jUV4rmpkMkw" width="480" height="360"></iframe></p>
<p><strong>Rebirth: </strong>Maleficent, A Christmas Carol, and The Snow Queen, are all memorable stories that embody this theme; a story of renewal. A villain who redeems him or herself over the course of the story.</p>
<p>Dominos recently created an ad to reveal its pivot from &ldquo;Domino's Pizza&rdquo; to simply &ldquo;Dominos&rdquo;. A few years ago, a controversial video was released of two employees who filmed a prank in the restaurant&rsquo;s kitchen, immediately damaging the brand. The company published a &ldquo;rebirth&rdquo; promotion last year, capitalizing on redemption from failure.</p>
<p style="padding-left: 120px;"><iframe src="https://www.youtube.com/embed/-NPqOOErP5I" width="560" height="315"></iframe></p>
<p><strong>Comedy:</strong> From light-hearted characters to humorous situations, adding laughter to your brand&rsquo;s story wouldn&rsquo;t be the worst thing you could do. Mentioned above, Progressive consistently designs their branding message around humor. Comedies usually result in success and happy endings. Geico has done a very good job using their brand&rsquo;s symbolic characters to foster humor in their brand messaging:</p>
<p style="padding-left: 120px;"><iframe src="https://www.youtube.com/embed/DTm2l10ewhk" width="560" height="315"></iframe></p>
<h3>How to Construct Your Story</h3>
<p dir="ltr">Now that you understand the various themes to add to your messaging efforts and storytelling, it&rsquo;s now time to start constructing your own masterpiece. Below is a checklist for designing your brand&rsquo;s story:&nbsp;</p>
<ul style="padding-left: 30px;">
<li dir="ltr">
<p dir="ltr"><strong>Define who you are and what you stand for: </strong>Communications <a href="https://www.linkedin.com/in/jonmthomas" target="_blank">Director Jon Thomas</a>, <a href="http://www.postadvertising.com/2012/08/7-reasons-storytelling-is-important-for-branded-content/" target="_blank">advises brand to answer these questions</a>:&nbsp;&ldquo;What&rsquo;s your origin story? Where did your brand come from, and how has that shaped your product or service? When your facts, figures and features are in line, your story can set you apart from the competition.&rdquo;</p>
</li>
</ul>
<ul style="padding-left: 30px;">
<li dir="ltr">
<p dir="ltr"><strong>Find your voice and speak the truth: </strong>Make it personal, and refrain from marketing to the masses. Select your tribe and create sincere connections through transparency and honesty. In the words of Seth Godin, &ldquo;Great stories are trusted. Trust is the scarcest resource we&rsquo;ve got left. No one trusts anyone.&rdquo; Be proactive in earning your credibility as a storyteller.&nbsp;</p>
</li>
</ul>
<ul style="padding-left: 30px;">
<li dir="ltr">
<p dir="ltr"><strong>Select the right story for the right audience:</strong> Know your audience. What do they need? What do they want? Think of different lengths for your story depending on who you&rsquo;re reciting it too. Seth Godin quotes, &ldquo;the most effective stories match the worldview of a tiny audience&mdash;and then that tiny audience spreads the story....The challenge is not how to be successful, but how do we figure out how to matter.&rdquo;</p>
</li>
</ul>
<ul style="padding-left: 30px;">
<li dir="ltr">
<p dir="ltr"><strong>Pick an element/narrative:</strong> Which theme will you choose to move peoples&rsquo; heart and ignite emotion? Pick a theme capable of influencing people to take action in buying from or participating with your brand. Seth Godin confirms, "the best stories don&rsquo;t teach people anything new. Instead, the best stories agree with what the audience already believes and makes the members of the audience feel smart and secure when reminded how right they were in the first place.&rdquo;</p>
</li>
</ul>
<ul style="padding-left: 30px;">
<li dir="ltr">
<p dir="ltr"><strong>Set up the situation:</strong> &ldquo;Build the drama by showing us your character&rsquo;s problem. What is your character up against? What&rsquo;s the worst thing that can happen?&rdquo; According to Tyler Crowley, founders should, &ldquo;cast their product in the role of the vehicle that helps your hero.&rdquo; Create a unique situation that only your company can approach and attack forcefully.</p>
</li>
</ul>
<ul style="padding-left: 30px;">
<li dir="ltr">
<p dir="ltr"><strong>Make it subtle:</strong> The fewer details you include in your story, the better. Let your audience draw from their own conclusions.&nbsp;</p>
</li>
</ul>
<ul style="padding-left: 30px;">
<li dir="ltr">
<p dir="ltr"><strong>Probe the problem:</strong> &ldquo;The problem is the natural climax. Stories are rooted in struggle.&rdquo; CEO of <a href="http://www.drmichellemazur.com" target="_blank">Communication Rebel</a>, <a href="http://www.drmichellemazur.com" target="_blank">Dr. Michelle Mazur</a>, believes that, &ldquo;the problem should be one that your service or product solves. The hard part is building the tension and emotion around the problem."&nbsp;</p>
</li>
</ul>
<ul style="padding-left: 30px;">
<li dir="ltr">
<p dir="ltr"><strong>Activate action:</strong> Your brand&rsquo;s story should have a call to action. Whether you&rsquo;re pitching to investors or prompting users to sign up for a free product trial, there should always be an end goal.</p>
</li>
</ul>
<p><strong>Use our <a href="http://FI.co/system/upload/PR_worksheet-2.pptx" target="_blank">worksheet</a> to help you begin mapping out your story. Also, don&rsquo;t forget to <a href="http://eepurl.com/bd5QOP" target="_blank">RSVP</a> for our upcoming webinar, &ldquo;<a href="http://FI.co/contents/10141" target="_blank">Webinar: How to Master Startup Brand Storytelling</a>,"</strong>&nbsp;featuring two multi-time entrepreneurs and startup investors: <a href="https://twitter.com/adeoressi" target="_blank">Adeo Ressi</a> (Founder &amp; CEO of the Founder Institute, 9X entrepreneur, and Managing Director of Expansive Ventures), and <a href="https://twitter.com/Jason" target="_blank">Jason Calacanis</a> (Founder of WebBlogs, host of "This Week In Startups", creator of the LAUNCH Conference, and Founder &amp; CEO of Inside.com).</p>
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Founder Institute Graduate Myetutor.org a Semi Finalist in MITEF Greece Startup Competition<p dir="ltr"><strong>Recently, the <a href="http://www.mitefgreece.org/en/?fb_ref=Default" target="_blank">Massachusetts Institute of Technology Enterprise Forum (MITEF) Greece Startup Competition</a>&nbsp;selected eLearning Industries (<a href="http://myetutor.org/" target="_blank">Myetutor.org</a>) as one of its 25 semi-finalists.</strong> The competition gives companies with exciting product or services access to practical knowledge, mentorship, and resources to help take their ventures to the next level. These semi-finalists will start a 3 month period of mentoring and attending workshops to improve their companies before being put before a panel of judges to assess them.</p>
<p dir="ltr">eLearning Industries through Myetutor.com is an online learning platform that personalizes education for high school students with adaptive content to help them learn faster and more thoroughly than in a conventional class setting. It utilizes advanced algorithms to personalize learning and knowledge profiles and adjust study materials in real time. In early 2014, Myetutor.org was selected as one of the 10 best entrepreneurial concepts from the Cosmote Startup accelerator program in Greece. After this, its founder, <a href="https://www.linkedin.com/profile/view?id=788144&amp;authType=name&amp;authToken=_J72&amp;ref=CONTENT&amp;trk=mp-ph-pn" target="_blank">Athanasios Ladopoulos</a>, attended the <a href="http://www.fi.co/apply/athens/blog" target="_blank">Founder Institute in Athens</a> in 2014 where he got further support for his company.</p>
<p dir="ltr">The MITEF Greece Startup Competition features startups many different industries including Internet and Web, Biotechnology and Medicine, Software, Transportation, Telecommunications, Computer and Electronics Hardware, and Energy. After a 3 month period of intense mentoring from both local and international mentors, as well as workshops covering a wide array of topics, a judging panel will examine the companies on July 1st. The judging panel will include investors and other experts and they will select the top 3 winners.</p>
<p dir="ltr">These winners will receive global recognition through the <a href="http://www.mitef.org/s/1314/main.aspx?gid=5&amp;pgid=61" target="_blank">MIT Enterprise Forum Global</a> and the <a href="http://www.technologyreview.com/" target="_blank">MIT Technology Review</a>. MIT Enterprise Forum Global is a network devoted to helping early-stage entrepreneurs transform their ideas into companies that can change the world.</p>
<p dir="ltr"><em><strong>If you would like to learn more about eLearning Industries, you can <a href="myetutor.org" target="_blank">check out their website here</a>.</strong></em></p>
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Silicon Valley-based Founder Institute Announces Early Launch in London due to High Demand<p><strong>The <a href="http://FI.co/" target="_blank">Founder Institute</a>, the world&rsquo;s largest entrepreneur training and startup launch program, announced today that it is officially launching its first chapter in London. </strong>The Silicon-Valley based program decided to officially launch in London earlier than scheduled, after a successful trial period in January attracted over 350 potential applicants. In fact, demand for the program was so strong that the test period was shortened by 10 days.&nbsp;</p>
<h3>Applications to the first ever London Founder Institute are open now, and anyone interested in launching a technology company is welcome to apply at <a href="http://FI.co/apply/london/blog" target="_blank">http://fi.co/apply/london</a>.</h3>
<p>In order to celebrate the launch, the London Founder Institute will host a series of free startup events for the general public, including an <a href="http://FI.co/e/31031/blog" target="_blank">Information Session on Tuesday, February 17th at the London Google Campus</a>.&nbsp;<strong>&nbsp;To see the full list of upcoming events, visit <a href="http://FI.co/curriculum/london" target="_blank">http://fi.co/curriculum/london</a>.</strong></p>
<blockquote>
<p>Our local directors, and the large volume of interested applicants, are telling us that expert mentorship is sorely needed for idea-stage entrepreneurs in London. In Silicon Valley, we call this mentorship the &lsquo;pay-it-forward&rsquo; mentality. With the Founder Institute&rsquo;s structured program, we plan to emulate this dynamic in London and lower the barrier to entry for new entrepreneurs"&nbsp;<span style="line-height: 1.45;">- <strong>Adeo Ressi, Founder &amp; CEO of the Founder Institute</strong></span></p>
</blockquote>
<p>Through the Founder Institute&rsquo;s four-month program, promising entrepreneurs &ldquo;learn by doing&rdquo; and launch a company with structured training, expert feedback, and support from experienced startup CEOs. Since the program is part-time, it is also a great opportunity for full-time professionals to test and build their ideas before making &ldquo;the leap&rdquo; from employee to entrepreneur and quitting their jobs. Based in Silicon Valley and with chapters across [total_countries] countries, the Founder Institute has helped launch over [total_graduates] companies; include fast-rising startups across 6 continents like&nbsp;<a href="http://udemy.com" target="_blank">Udemy</a>,&nbsp;<a href="http://realtymogul.com" target="_blank">Realty Mogul</a>,&nbsp;<a href="http://iCarsClub.com" target="_blank">iCarsClub</a>,&nbsp;<a href="http://Itembase.com" target="_blank">Itembase</a>,&nbsp;<a href="http://goplaceit.com" target="_blank">goplaceit</a>,&nbsp;<a href="http://Appota.com" target="_blank">Appota</a>, and&nbsp;<a href="http://FI.co/companies" target="_blank">many more</a>.&nbsp;</p>
<p>Leading the Founder Institute's efforts in London are three leaders of the local entrepreneurship ecosystem: <strong>Darrell Knight</strong>, <strong>Simon Lavers</strong>, and <strong>Simon Walker</strong>. &nbsp;</p>
<p><strong><a href="https://www.linkedin.com/in/darrellknight" target="_blank">Darrell Knight</a> </strong>is a serial entrepreneur who is on his 5th startup (4 of which have been U.S.-based), and is currently President and CTO of <a href="http://buzzigo.com/" target="_blank">Buzzigo</a>, a social media marketing platform.&nbsp;</p>
<blockquote>There is a large gap in quality mentorship for idea-stage entrepreneurs in London, and the Founder Institute will fill this gap. The support we have received from the community has been tremendous, because people understand that bringing some &lsquo;Silicon Valley&rsquo; to the &lsquo;Silicon Roundabout&rsquo; will be very powerful&rdquo; - <strong>Darrell Knight, Co-Director of the London Founder Institute</strong></blockquote>
<p><strong><a href="https://www.linkedin.com/in/axigan" target="_blank">Simon Lavers</a></strong> is an entrepreneur, advisor and board member of multiple startups both in the U.K, and across multiple continents. He is currently a Director at Hartnup Group.</p>
<blockquote>
<p>I believe that the London startup ecosystem is very good at supporting people with traction, but very bad at supporting and training people with ideas. The Founder Institute will make entrepreneurship more accessible in London by helping aspiring Founders at the earliest stages of the startup journey&rdquo;<span style="line-height: 1.45;">- <strong>Simon Lavers, Co-Director of the London Founder Institute.&nbsp;</strong></span></p>
</blockquote>
<p><strong><a href="https://www.linkedin.com/in/walkersimon" target="_blank">Simon Walker</a> </strong>is an entrepreneur, speaker and consultant who has launched and managed startups in the US and UK. He is the Co-Founder and Director of <a href="http://www.my360plus.com/" target="_blank">my360plus</a>.</p>
<p>Other technology leaders who have signed on to mentor new entrepreneurs in a London Founder Institute program include top founders from the U.K. and beyond;&nbsp;</p>
<ul>
<li><strong>Adeo Ressi: </strong>Founder &amp; CEO of the Founder Institute</li>
<li><strong>Chris Thomas:</strong> CEO, Sports Fusion Limited</li>
<li><strong>Colin Frey:</strong> Managing Director, Safetrade Limited</li>
<li><strong>Darrell Knight:</strong> CEO, Buzzigo LLC</li>
<li><strong>Gordon Willoughby: </strong>Director Consumables, Amazon</li>
<li><strong>Joanna Moss: </strong>Co-founder &amp; director, Moss Perform</li>
<li><strong>Kate Ross: </strong>Managing Director, eight&amp;four</li>
<li><strong>Mark Evans: </strong>Partner, Positive Momentum</li>
<li><strong>Nick Fenner:</strong> Partner, TLT LLP</li>
<li><strong>Paul Weeden: </strong>Founder &amp; Managing Director, Foration Limited</li>
<li><strong>Philippe Homsy:</strong> Co-founder, Butterfly Twists</li>
<li><strong>Phillip Hunt: </strong>CEO, Mobikats</li>
<li><strong>Rik Lomas:</strong> Founder, Superhi</li>
<li><strong>Roland Whitehead:</strong> CEO, Quru Limited</li>
<li><strong>Simon Walker: </strong>Co-Founder, my360plus</li>
<li><strong>Simon Lavers:</strong> Director, Hartnup Group</li>
<li><strong>Sophie Muir:</strong> Founder, Thincats London</li>
<li>And many more to be announced.&nbsp;</li>
</ul>
<p><strong>Anybody who is interested can apply to the London Founder Institute at <a href="http://FI.co/apply/london/blog" target="_blank">http://fi.co/apply/london</a>. </strong>Anyone who applies by the Early Application Deadline on March 20th, 2015 is eligible for a variety of scholarships - including the <a href="http://FI.co/fellowships" target="_blank">Female Founder Fellowship</a>, which is offered to the best overall female applicant.&nbsp;</p>
<p>Learn more about the Founder Institute at <a href="http://FI.co/" target="_blank">http://fi.co</a>.</p>
<p>----</p>
<p><strong>About the Founder Institute</strong></p>
<p>The Founder Institute (<a href="http://www.FI.co" target="_blank">www.FI.co</a>) is the world's largest entrepreneur training and startup launch program, helping aspiring founders across the globe build enduring technology companies. In the Founder Institute's four-month, part-time program, promising startup entrepreneurs "learn by doing" and launch a company through structured training courses, practical business-building assignments, and expert feedback from a large network of business mentors. Plus, aspiring founders are not required to quit their day job to participate, so they can begin building a business around their ideas without putting their livelihood at risk.</p>
<p>Based in Silicon Valley and with chapters across [total_cities] cities and [total_countries] countries, the Founder Institute has helped launch over [total_graduates] companies, which have created over [total_jobs]+ new jobs. The company's mission is to "Globalize Silicon Valley" and create sustainable startup ecosystems that will create one million new jobs worldwide.</p>
<p>The Founder Institute was founded in 2009 by serial entrepreneur Adeo Ressi.</p>Thu, 12 Feb 2015 22:05:00 -0800http://FI.co/posts/13271
FI Grad iCarsClub listed in top 10 best funded startups in Singapore on TechInAsia<p dir="ltr">This past week, iCarsClub was listed in an article on TechinAsia entitled &ldquo;<a href="https://www.techinasia.com/top-10-most-funded-internet-companies-singapore/" target="_blank">Here are the top 10 most well-funded internet companies in Singapore</a>&rdquo;. Singapore has one of the most supportive governments for startups in the world. Despite this, the author of the article, <a href="https://twitter.com/legendt" target="_blank">Daniel Tay</a>, still lists iCarsClub as being one of the best funded internet companies to arise in the country.</p>
<p><strong><a href="http://www.icarsclub.com/" target="_blank">iCarsClub</a> and its Founder <a href="https://www.linkedin.com/in/bingjun" target="_blank">Eddy Zhang</a> are Graduates of the<a href="http://FI.co/apply/Singapore/blog" target="_blank"> Singapore Founder Institute</a>.</strong></p>
<p>iCarsClub is an online portal and mobile app that helps people rent cars at lower costs and helps car owners and dealers rent out their cars for extra income. The article highlights the innovation of iCarsClub because it lowers the cost for people to use cars in Singapore, a country in which car ownership is very expensive.</p>
<p dir="ltr">According to the article, iCarsClub has raised $70.5 million in public rounds of investment, not including private funding. This places the company at number three on the top 10 list of the most well funded companies in Singapore. Furthermore, iCarsClub, and its Beijing spinoff <a href="http://bj.ppzuche.com/" target="_blank">PPzuche</a>, now have over 120,000 private cars available for rental.</p>
<p dir="ltr"><em><strong>For more information on iCarsClub, please <a href="http://www.icarsclub.com/" target="_blank">visit their official page</a>.</strong></em></p>Thu, 12 Feb 2015 11:21:00 -0800http://FI.co/posts/13251
Udemy Mentioned on the Huffington Post, Heddoko Featured on the Daily Mail, and more Grad News<p dir="ltr"><strong><em>Since launching in 2009, the Founder Institute has helped launch over 1,310 new technology companies across 85 cities, 40 countries, and six continents.</em></strong></p>
<p dir="ltr"><strong><em>These companies have gone on to do great things, and create over 10,000+ new jobs.</em></strong></p>
<p>In the past few weeks Udemy was listed among the top online education providers on the Huffington Post, &nbsp;Heddoko was featured on the Daily Mail, and a survey conducted by Spikes Security was quoted on eWeek.</p>
<p dir="ltr">Below is a roundup of recent Founder Institute Graduates in the news:</p>
<ul>
<li><a href="http://www.dailymail.co.uk/sciencetech/article-2933840/Is-downward-dog-bit-rough-Motion-capture-gym-kit-means-hit-perfect-yoga-pose-time.html" target="_blank">Heddoko featured on the Daily Mail: <em>Is your downward dog a bit rough? Motion capture gym kit means you can hit the perfect yoga pose every time.</em></a> (<strong>Daily Mail</strong>) <a href="http://heddoko.com/" target="_blank">Heddoko</a> is building smart compression shirts and compression pants, with sensors that will capture the movement of the body and serve as a virtual coach for Athletes.</li>
<li><a href="http://www.eweek.com/small-business/insecure-browsers-causing-spike-in-malware-damage.html" target="_blank">Spikes Security featured on eWeek: <em>Insecure Browsers Causing Spike in Malware Damage </em></a>(<strong>eWeek</strong>): <a href="https://spikes.com/index.html" target="_blank">Spikes Security</a> is a security company that virtualizes the browser to provide corporate IT managers with a secure infrastructure.</li>
<li><a href="http://www.9news.com/story/tech/personal-tech/2015/02/03/galvanize-demo-day/22796375/" target="_blank">Blogmutt featured on NBC 9 News: <em>Tech Tuesday: Winners at Galvanize Demo Day</em></a> (<strong>NBC 9 News</strong>) <a href="https://www.blogmutt.com/" target="_blank">Blogmutt</a> provides blog content for businesses that have blogs but no time to create content.</li>
<li><a href="http://thehillishome.com/2015/01/bunoutofoven/" target="_blank">Bun Out The Oven featured on The Hill is Home: <em>Kids Bun Out The Oven Aims to Make Parenting Easier</em></a> (<strong>The Hill Is Home</strong>) <a href="http://www.bunouttheoven.com/" target="_blank">Bun Out The Oven</a> is an alternative to a traditional baby registry that shifts the focus away from stuff to meaningful services and experiences.</li>
<li><span id="docs-internal-guid-fcaada34-704f-a076-7e5f-53d783f32608"><a href="http://www.betakit.com/founder-institute-welcomes-two-canadian-startups-into-its-winter-founder-lab-logrr-and-elysia/" target="_blank">Loggr and Elysia featured on Betakit: <em>Founder Institute Welcomes Two Canadian Startups into its Winter Founder Lab: Logrr and Elysia</em></a> (<strong>Betakit</strong>) <a href="http://www.logrr.com/" target="_blank">Logrr</a>, a Montreal Graduate, is an identity as a service platform for corporations that does not use a password. <a href="http://www.elysia.co/" target="_blank">Elysia</a>, Also a Montreal Graduate, matches users to customized and curated trips for every occasion and removes frustrating and consuming travel searches by planning exciting activities. </span></li>
<li><a href="http://startuphook.com/social-2/skimble-making-fitness-social/601/" target="_blank">Skimble featured on Startup Hook: <em>Skimble is Making Fitness Social</em></a> (<strong>Startup Hook</strong>) <a href="https://www.skimble.com/" target="_blank">Skimble</a>, a Bay Area Graduate powers the mobile wellness movement with an ecosystem of fun, dynamic, and social coaching applications.</li>
<li><a href="http://www.business2community.com/twitter/twitter-verified-accounts-can-help-social-content-marketing-strategy-01140811" target="_blank">Readypulse featured on Business2Community: <em>How Twitter Verified Accounts Can Help Your Social Content Marketing Strategy </em></a>(<strong>Business2Community</strong>) <a href="http://ww2.readypulse.com/" target="_blank">Readypulse</a>, a Seattle Graduate, is an enterprise software platform using patented technology to surface high quality, authorized social content from brand ambassadors.</li>
</ul>
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An Expert Guide to Developing the Perfect Startup Idea<p><strong><em>"An idea that is not dangerous is unworthy of being called an idea at all.&rdquo; &ndash; Oscar Wilde</em></strong></p>
<p dir="ltr">For entrepreneurs, ideas that are deemed impossible by the masses are oftentimes the only ones worth pursuing. Yet how does one stumble upon those rare gems that lead to prosperity and recognition? True, many major companies were the result of serendipity on the part of the original founders, individuals lucky enough to just &ldquo;come up&rdquo; with a solution to a pervasive problem.</p>
<p dir="ltr">However, finding a potentially lasting and lucrative startup idea does not need to be left to chance. In fact, there are a multitude of ways that fledgling founders can discover and develop their startup ideas, and we&rsquo;ve collected just a few of them here for your benefit. Hopefully, hearing from industry experts will give you the inspiration you need to mine your own gems.</p>
<h3 dir="ltr">Define Your Focus</h3>
<p><img style="float: right;" src="http://FI.co/system/upload/Focus.jpg" alt="Define Focus" width="300" height="300" /></p>
<p><em><strong>"You can't depend on your eyes when your imagination is out of focus." - Ma</strong></em><em><strong>rk Twain</strong></em></p>
<p dir="ltr"><a href="https://twitter.com/paulg" target="_blank">Paul Graham</a>, programmer, venture capitalist, and co-founder of the noted seed accelerator <a href="https://www.ycombinator.com/" target="_blank">Y Combinator</a>, explores the creative process of generating startup ideas in a comprehensive essay on the subject, "<a href="http://paulgraham.com/startupideas.html" target="_blank">How to Get Startu</a><a href="http://paulgraham.com/startupideas.html" target="_blank">p Ideas</a>".</p>
<p dir="ltr">In his essay, Paul asserts that simply thinking of potential startup ideas is an inefficient means of generating startup ideas. Aspiring entrepreneurs should instead direct their efforts towards focusing on very specific targets during the ideation phase.</p>
<blockquote>The very best startup ideas tend to have three things in common: they're something the founders themselves want, that they themselves can build, and that few others realize are worth doing.&rdquo;</blockquote>
<p><a href="http://FI.co/posts/5391" target="_blank"><strong>Check out</strong><em><strong>&nbsp;Phil Libin&rsquo;s Rule of Startup Timing</strong></em><strong>!</strong></a></p>
<p dir="ltr"><strong>Focus on Existing Problems</strong></p>
<p dir="ltr">While focusing on existing problems seems like an obvious strategy, too many &ldquo;wantrepreneurs&rdquo; attempt to solve problems that no one actually has, and end up wasting time on creating non-existing solutions to non-existing problems.</p>
<blockquote>Why do so many founders build things no one wants? Because they begin by trying to think of startup ideas. That m.o. is doubly dangerous: it doesn't merely yield few good ideas; it yields bad ideas that sound plausible enough to fool you into working on them.&rdquo;</blockquote>
<p dir="ltr"><strong>Focus on the Depth of the Well</strong></p>
<p dir="ltr">Paul posits that a startup can either deliver something that a large number of people want in a small amount, or deliver something that a small number of people want in a large amount. Opt for the latter, as a startup should strive to dig a well that&rsquo;s narrow and deep rather than a well that&rsquo;s broad and shallow. Basically, a startup&rsquo;s initial offering should cater to the small group of users who not only want to use the startup&rsquo;s offering, but who urgently need it. You can worry about expansion later.</p>
<blockquote>When you have an idea for a startup, ask yourself: Who wants this right now? Who wants this so much that they'll use it even when it's a crappy version one made by a two-person startup they've never heard of? If you can't answer that, the idea is probably bad.&rdquo;</blockquote>
<p dir="ltr"><strong>Focus on Yourself</strong></p>
<p dir="ltr">When in the process of contemplating startup ideas, what you should really be doing is not &ldquo;thinking up&rdquo; but &ldquo;noticing&rdquo;. This may come as a shock to many (not that formal brainstorming and research methods aren&rsquo;t effective - we&rsquo;ll get to those later), but countless ideas for lucrative companies grew out of someone noticing what&rsquo;s missing in the world around them.</p>
<p dir="ltr">And how do you learn to notice the potential ideas that are all around you? Become an expert in the industry you are most interested in. Try it - it might be easier than you think.</p>
<blockquote>Being at the leading edge of a field doesn't mean you have to be one of the people pushing it forward. You can also be at the leading edge as a user. If you're not at the leading edge of some rapidly changing field, you can get into one. Since a successful startup will consume at least 3-5 years of your life, a year's preparation would be a reasonable investment."</blockquote>
<h3 dir="ltr">Keep it Simple, Stupid</h3>
<p><em><strong>"Simplicity is the ultimate sophistication." - Leonardo da Vinci</strong></em></p>
<p dir="ltr"><a href="https://twitter.com/adeoressi" target="_blank">Adeo Ressi</a>, the founder and CEO of the <a href="http://FI.co/" target="_blank">Founder Institute</a>, has developed his own school of thought when it comes to formulating winning startup ideas. As you'll see throughout this section, the resounding refrain is that entrepreneurs should concenctrate on keeping the ideation process as simple as possible.</p>
<p dir="ltr">According to Adeo, the following are what you need if you want to start a company:</p>
<ul>
<li><strong><img style="float: right;" src="http://FI.co/system/upload/shutterstock_249585796.jpg" alt="Keep it Simple " width="300" height="300" />Passion</strong> - If you are going to pursue a potential startup idea, you need to have an unconditional passion for it, as it is something you are going to deal with everyday for possibly many years.</li>
<li dir="ltr">
<p dir="ltr"><strong>Reality</strong> - If reality does not support your idea or your business being built in it, it&rsquo;s not worth it. Your idea needs to exist within a clearly definable realm (i.e. market, industry, domain, etc.)</p>
</li>
<li dir="ltr">
<p dir="ltr"><strong>Idea</strong> - You need to have a coherent and compelling idea that is actionable and feasible.</p>
</li>
<li dir="ltr">
<p dir="ltr"><strong>Business</strong> - Regardless of how much passion you have for your idea or how well it fits within a certain market or how compelling it is, your idea needs to be able to make money to sustain itself.</p>
</li>
</ul>
<p dir="ltr">Once you have an understanding of these fundamentals, Adeo has provided a list of concepts to keep in mind while you are brainstorming for potential startup ideas.</p>
<ol>
<li dir="ltr">
<p dir="ltr">As stated above, start with something you are passionate about. Not only will you enjoy the process more, but having experience and interest in your ideas will give you a competitive edge when you begin bringing your them into existence.</p>
</li>
<li dir="ltr">
<p dir="ltr">Refer to your ideas as &ldquo;projects&rdquo;, as it makes them easier to kill. If each idea is treated as if it was something that was only temporary, it will be more painless to ditch it if does not hold up under scrutiny.</p>
</li>
<li dir="ltr">
<p dir="ltr">Once you&rsquo;ve conceived several ideas (at least three, if not more), look over what you have and spend some quiet time thoroughly reflecting on each. You may find that you naturally gravitate towards one idea over the others - take note, as this may be the one you continue with.</p>
</li>
<li dir="ltr">
<p dir="ltr">Assemble a board of friends, family members, and colleagues who will give you honest feedback on your idea. However, since you are acquainted with these people, they are biased and may not give you the harsh truth. Encourage them to hold nothing back.</p>
</li>
<li dir="ltr">
<p dir="ltr">If this is your first time creating and developing startup ideas, there is a very good chance that the idea you settle on is too niche, too narrow to appeal to a large audience. While it is imperative to have a clear and specific target user base, be sure that your future company has the potential to expand and attract a large number of users.</p>
</li>
</ol>
<p dir="ltr">If you take nothing else from Adeo&rsquo;s ideation methodology, take note of his seven rules for startup ideas.</p>
<p dir="ltr"><strong>1. Simple ideas win and complex ones die.</strong> Your idea should consist of one company, one product, and nothing else.</p>
<p dir="ltr"><strong>2. Your idea should have one and only one revenue stream.</strong> If your idea employs a payment system, complicating it will only drive away your users.</p>
<p dir="ltr"><strong>3. Clearly identify your ideal customer.</strong> Embody your hypothetical customer with quantifiable traits to better market and sell to them. You may get it wrong the first time and have to change who your customer is later, but you need to start with an archetype.</p>
<p dir="ltr"><strong>4. Build something that you can explain in 10 words or less.</strong> If someone needs to be an industry expert to understand your idea, it is not worth pursuing.</p>
<p dir="ltr"><strong>5. Small markets suck.</strong> Remember, any market that is worth $1 billion or less is probably not worth diving into.</p>
<p dir="ltr"><strong>6. Mix in secret sauce.</strong> You need to be an expert in your respective industry, as your experience and expertise will give you valuable insights into the problem you aim to solve.</p>
<p dir="ltr"><strong>7. Be original.</strong> If you can&rsquo;t build a business around a completely unique idea, build a business that&rsquo;s similar to something that&rsquo;s been done, find flaws in its model, and devise a way to do it better.</p>
<p dir="ltr"><strong><a href="http://FI.co/system/upload/10_Rules_worksheet.pdf" target="_blank">Download our free checklist&nbsp;<em>10 Rules for a Great Startup Idea</em>!</a></strong></p>
<h3 dir="ltr">Methodize Your Madness</h3>
<p dir="ltr"><em><strong>"The true method of knowledge is experiment." - William Blake</strong></em></p>
<p><img style="float: right;" src="http://FI.co/system/upload/shutterstock_249585649-2.jpg" alt="Split" width="300" height="300" /></p>
<p dir="ltr">Now that we&rsquo;ve heard from Adeo Ressi and Paul Graham, let&rsquo;s take a look at what <a href="https://twitter.com/munjalshah" target="_blank">Munjal Shah</a>, co-founder and CEO of <a href="http://www.healthiq.com/" target="_blank">Health Equity Labs</a>, has to say on the matter of startup ideation. Munjal&rsquo;s methodology is split into two different systems: the organic approach and the manufactured approach.</p>
<p dir="ltr">The organic approach, which Munjal jokingly refers to as the &ldquo;Beatles Strategy&rdquo;, consists of four guys who come together and - voil&agrave;! - end up with a company. For founders, this may entail being a customer or an employee and noticing a problem that occurs in everyday life, ultimately deciding that the solution to this problem could result in a successful company. These types of companies tend to have a much higher return, but a much higher failure rate.</p>
<p dir="ltr">The manufactured approach, or as Munjal likes to call the &ldquo;Spice Girls Strategy&rdquo; because of the formulaic means by which the group came together, is a more methodical and analytical means of building a business. Because the &ldquo;Beatles Strategy&rdquo; is more often a result of happenstance, and therefore harder to rely on, we will focus on the &ldquo;Spice Girls Strategy&rdquo;, as it is easier to establish structure around.</p>
<p dir="ltr"><strong>Split and Twist</strong></p>
<div>
<p dir="ltr">&ldquo;Split and Twist&rdquo; is a simple yet effective idea-finding technique developed by Munjal. As this strategy is exercise-oriented, it's also conducive to gaining a more comprehensive understanding of your market.&nbsp;</p>
<ol>
<li dir="ltr">
<p dir="ltr">Pick a domain and split it on the main dimensions that an industry might think about itself.</p>
</li>
<li dir="ltr">
<p dir="ltr">Identify an unmet need. Split the domain again, this time taking into account the unmet need, determine if it&rsquo;s significant enough to change the landscape.</p>
</li>
<li dir="ltr">
<p dir="ltr">Repeat. And repeat. And repeat.</p>
</li>
</ol>
<p dir="ltr">Despite its simplicity, this tactic is useful for cultivating new company ideas and developing better features for an offering you already have. This method should motivate you to constantly keep abreast of existing products, services, and technology, and find new ways of looking at them.</p>
<blockquote>You don&rsquo;t have to have a novel idea, but you have to have a novel advantage.&rdquo;</blockquote>
<p dir="ltr"><strong>Primary Research</strong></p>
<p dir="ltr">Yes, conducting extensive research prior to launching a startup may seem like a no brainer, but too many entrepreneurs enter the game with a dearth of important data. To remedy this, Munjal recommends employing crawlers to search for valuable information related to the industry you want to start up in. If you have an engineer on your team or are acquainted with one, this should not be a problem. If no engineers are available to you, outsource it. Trust us, it&rsquo;s worth the investment.</p>
<p dir="ltr">Crawlers are incredibly important in the idea formation process because they can be used to analyze the competition by determining what types of products they offer, which ones sell the most, and what their popular features are. Another benefit of utilizing crawlers is that they can be used to see what topics are trending on social media, blogs, forums, etc. All of this information can help you ascertain holes in your respective market, which can lead to innovative and original ideas.</p>
<p dir="ltr"><strong>Necessity is the Mother of Invention - and Intention</strong></p>
<p dir="ltr">During the formative stages of harvesting ideas, many budding entrepreneurs develop the propensity for capriciously committing to any idea, only to decide to go ahead with another one later. It&rsquo;s easy, and fun, to move from one idea to the next (Munjal refers to ideas during this stage as &ldquo;brain candy&rdquo;), but remember that you are going to have to land on one idea before launching your company.</p>
<p dir="ltr">And what&rsquo;s the best way to commit to only one idea? Quit your job.</p>
<blockquote>You will never pick an idea until you have quit your job. You are never going to say &lsquo;this is the one I&rsquo;m doing&rsquo; until you are forced to.&rdquo;</blockquote>
<p dir="ltr">According to Munjal, being unemployed as your savings steadily decreases is an efficient way of following through with your entrepreneurial aspirations. Risky, but efficient.</p>
<p dir="ltr"><a href="http://FI.co/posts/2621" target="_blank"><em><strong>"Are you too infatuated with your startup idea?"&nbsp;</strong></em><strong>Watch this exclusive video with Hiogi Group CEO&nbsp;Ofer Akerman and find out!</strong></a></p>
<h3 dir="ltr">Final Thoughts</h3>
<p dir="ltr">As you plunge into your well of creativity to find that pearl of inspiration, you may discover that those waters are more treacherous than you thought. However, you must always keep in mind that your well is infinitely deep and that there is always something new to uncover. So, dive in!</p>
<p><em><strong>"An idea that is developed and put into action is more important than an idea that exists only as an idea.&ldquo; - Buddha</strong></em></p>
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Why These 3 CEOs Quit Their Day Jobs for their Startups<p dir="ltr">There&rsquo;s a lot of debate over when and why entrepreneurs should quit their day jobs so that they can fully pursue their startup projects. Some say that entrepreneurs should keep their jobs so that they can keep a steady source of income, while others argue that once you quit your job will you put in the necessary effort into your startup because you have no other option. There is little consensus over which is a better course of action and this is largely because it all depends on the individual and where they are in the process of starting their company.</p>
<p>Whether or not you are contemplating leaving your job for your startup, it is wise to take time to consider all the options. To get a grasp of how others made the decision to quit their jobs, we will provide three examples of entrepreneurs who are now CEOs of their own companies who had to make the leap and quit their day job.</p>
<p dir="ltr"><strong><a href="https://twitter.com/brandenspikes" target="_blank">Branden Spikes</a>, </strong>a <a href="http://FI.co/apply/bay_area/blog" target="_blank">Bay Area Graduate of the Founder Institute</a>,&nbsp;is the CEO of <a href="https://spikes.com/index.html" target="_blank">Spikes Security</a>, which provides businesses with secure, scalable, and high performance software solutions that gives them freedom to leverage the web without the danger of cyber attacks. Prior to launching Spikes, Branden worked for more than 15 years as a CIO at numerous computer security enterprises. During this time, he developed countless ideas for software products and services that he could turn into businesses. After working for SpaceX for 10 years, Spikes decided to quit his job and pursue his entrepreneurial ideas. He then enrolled at the Founder Institute to help him develop these ideas further.&nbsp;When asked what the major reasons he decided to leave his job, he described it like this:</p>
<blockquote>
<p dir="ltr">Through the years I kept a list of great ideas and one day I realized that I had a couple really good ones. So that was probably one of the main reasons [that I quit my job], realizing that I had a couple of really good ideas and that they were really important.&rdquo;</p>
</blockquote>
<p dir="ltr"><strong><a href="https://twitter.com/heatherholmes1" target="_blank">Heather Holmes</a></strong>, who <a href="http://FI.co/apply/singapore/blog" target="_blank">graduated from the Founder Institute in Singapore</a>,&nbsp;is CEO of <a href="http://tapgenes.com/" target="_blank">TapGenes</a>, a company that helps provide its customers with a personalized approach to health and preventative medicine by organizing family&rsquo;s health information into an easy to understand platform. For years, Holmes worked as a reporter and held senior management positions for medical technology companies. Holmes was sent on an assignment for her work as a reporter to Singapore, where she attended the Founder Institute.</p>
<p dir="ltr">After creating her company in Singapore, she wanted to bring it over to the United States. According to Holmes, once she started working on TapGenes in the U.S. she immediately wanted to leave her job, but her Mentor at the Founder Institute advised her against it. With the 2008 recession looming, Holmes simply waited to be laid off to continue to work on establishing TapGenes. When she finally left her job in 2014, she was excited and ready to devoted herself full-time to her company.</p>
<blockquote>
<p><span id="docs-internal-guid-fcaada34-70a6-2b5a-edf2-51cd84758c24">&ldquo;It definitely felt like a leap and you&rsquo;re kinda like &lsquo;Oh my gosh, what am I doing? You&rsquo;re giving up insurance benefits.&rsquo; You know I had a great job, I travelled around the world but the burn to do this was just too much, I had to do it. It felt like I couldn&rsquo;t handle another day of not doing it. And I felt confident because of the processes that FI helped me learn beforehand.&rdquo;</span></p>
</blockquote>
<p><strong><a href="https://twitter.com/obenyoung" target="_blank">Benjamin Young</a></strong>, a <a href="http://FI.co/apply/washington_D_C/blog" target="_blank">graduate of Washington D.C. chapter of the Founder Institute</a>, is CEO of <a href="http://www.nexercise.com/" target="_blank">Nexercise</a>, a leading platform and app for instructional exercise and fitness, has a very different story. While working as an executive in an information technology company, the company ran out of funding and had to close. Young then worked as a consultant before pursuing another job from which he was fired soon after. Feeling as though these two instances were a sign that he did not belong in the job world, Young decided that he wanted to start his own company. However, because he no longer had an income and was going through a divorce at the time, he had to find work to make ends meet. That is why he took a high paying job that helped him with his financial troubles and later helped him fund his startup.</p>
<p>The salary he earned from his job helped him pay his own employees as well as run Nexercise, but finally, Young decided he had had enough of the bureaucracy of larger companies and quit his job. Unlike Holmes, Young&rsquo;s financial situation required that he have a job to acquire the funding to start his company. However, his difficult financial situation did help his company, &ldquo;I had to figure it out day by day but that also forced us to figure out how to get to revenue faster.&rdquo; Once he felt it was firmly established and was generating income, he jettisoned his job to work as an entrepreneur.</p>
<blockquote>
<p><span id="docs-internal-guid-fcaada34-70a6-8d6b-e0aa-def4cec2a6c3">It was a whirlwind. I look at this thing as I had a lot of signals saying I wasn&rsquo;t supposed to be in the job world. But the last job, when I did actually decide to quit versus the company shutting down or being fired, I was ready. I knew at that point that, I like to build things, I don&rsquo;t like the bureaucracy of these bigger companies. And I just decided like a stake in the ground that I was going to figure it out from that point on.&rdquo;</span></p>
</blockquote>
<p dir="ltr">These three entrepreneurs have very different stories, but as you can see, a lot of thought and time went into their decisions to quit their jobs. Whether there time of financial considerations, every entrepreneur must determine when the right moment is to quit their job to pursue their dreams.</p>
<p dir="ltr"><em><strong>If these success stories have inspired you to make the leap from employee to entrepreneur, <a href="http://FI.co/join" target="_blank">apply to the Founder Institute today</a>!</strong></em></p>Tue, 10 Feb 2015 14:01:00 -0800http://FI.co/posts/13041